LONDON: Western banks handed over $13.1bn to Gazprom, the state-controlled Russian oil group recently, and said they had begun marketing part of the record-breaking loan to other banks. The money will finance Gazprom's purchase of Roman Abramovich's stake in Sibneft, another Russian oil group. Dresdner Kleinwort Wasserstein and ABN Amro are syndicating a $2.5bn unsecured portion of the loan, the first element to be refinanced. The remaining $10.6bn in bridging loans is set to be refinanced in the coming months through money owed by Rosneftegaz, which bought a 10 per cent stake in Gazprom, and Gazprom bond issues. However, the amount of the unsecured loan being syndicated is not capped and could rise beyond $2.5bn if appetite for the loan is very strong, according to a banker close to the deal. Citigroup, CSFB, Goldman Sachs and Morgan Stanley, co-lead managers, were to join DrKW and ABN at a presentation in London on October 25, when other banks interested in taking part in the syndication would have the chance to quiz Gazprom executives. The deal is being split into equal-sized three- and five-year tranches - both with a one-year grace period -- that will pay a floating rate of 70 basis points and 90bp over Libor respectively. Banks can bid for tickets ranging from $25m to $125m. Up-front fees will range from 22.5bp to more than 35bp for the larger tickets, said Tom Freke, analyst at Loan Radar, an industry monitor. Syndicated loans have boomed worldwide this year. The Gazprom loan, the largest ever loan to an emerging market borrower, has lifted total lending to Russia to more then $30bn this year.
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