- OMV Group concludes two syndicated revolving credit facilities in a total amount of EUR 1,680 mn thereby replacing existing facilities
- Latest financing activities demonstrate the Group’i s ability to secure funding in a difficult market environment
OMV Group announces the conclusion of two syndicated loans with a total amount of EUR 1,680 mn. OMV AG and OMV Petrom SA have refinanced existing facilities with new syndicated revolving credit facilities of EUR 750 mn and EUR 930 mn respectively. Both facilities, launched at a volume of EUR 750 mn each, were substantially oversubscribed which demonstrates the Group’s ability to secure funding under challenging market circumstances.
OMV Group has signed two syndicated multi-currency credit facilities totalling EUR 1,680 mn, which replace existing facilities maturing in 2012. The tenors of the new facilities are five years for OMV AG and three years for OMV Petrom SA. Both include an option to be extended for a further two years. The facilities will be used for general corporate purposes. OMV AG has herewith replaced its existing EUR 850 mn syndicated loan due in June 2012 and OMV Petrom SA has replaced two credit lines with a total amount of EUR 875 mn due in Q4/12.
Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Citi, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds Banking Group, Raiffeisen Bank International AG, Société Générale and UniCredit acted as Bookrunners and Mandated Lead Arrangers on the transaction for OMV AG. On OMV Petrom SA’s credit facility, BNP Paribas, BRD - GROUPE SOCIETE GENERALE S.A., Citi, Raiffeisen Bank International AG and UniCredit acted as Bookrunners and Mandated Lead Arrangers. The bank syndicates comprise a total of 16 domestic and international lenders for OMV AG and 14 for OMV Petrom SA. The initial margin is set at 45 bps p.a. over the relevant reference rate for OMV AG and at 190 bps p.a. for OMV Petrom SA.
David C. Davies, deputy Chairman of the Executive Board and Chief Financial Officer of OMV commented: "The signing of these facilities puts us in a more comfortable financial position and again shows our ability to secure funding for the Group even under most difficult market circumstances. While the funds can be used for general corporate purposes, the loan at OMV AG level will mainly serve as a back-stop facility. As ever, maintaining a strong investment grade credit rating and a stable financial profile while pursuing our growth strategy remains a key focus."
As of today, November 23, 2011, the unused committed facilities, which are available to the OMV Group, amount to approximately EUR 3.4 bn.
With Group sales of EUR 23.32 bn, a workforce of 31,398 employees in 2010, and a current market capitalization of approximately EUR 7 bn, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Exploration and Production, OMV is active in two core countries, Romania and Austria, and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.15 bn boe as of year-end 2010 and a production of around 318,000 boe/d in 2010. In Gas and Power, OMV sold approximately 18 bcm of gas in 2010. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 89 bcm in 2010. With a trading volume of around 34 bcm in 2010, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Marketing, OMV has an annual refining capacity of 22.3 mn t and, as of year-end 2010, approximately 4,800 filling stations in 13 countries including Turkey. OMV holds a 51% stake in the Romanian energy company OMV Petrom SA, a 36% stake in Borealis AG, one of the world’s leading producers of polyolefins, in total 59% of EconGas GmbH and 45% of the refining network Bayernoil. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey’s leading company in the oil products retail and commercial business.