| LONDON, July 9
LONDON, July 9 Russia's Gazprombank
has approached lenders to provide a one-year syndicated loan
totalling up to $1 billion that will refinance a $1.2 billion
loan maturing in September, banking sources said.
The loan is expected to carry a margin of around 175 basis
points (bps) over LIBOR, with terms similar to those Russia's
second-biggest bank VTB is seeking on its latest circa
US$1.5 billion loan that is in the market, one of the bankers
"The pricing on VTB's deal is an appropriate balance for the
lenders and the borrower. Gazprombank will look for pricing at
around the same level," the banker said.
Banks are expected to submit their commitments within the
next two weeks, the bankers said.
Gazprombank was not immediately available for comment.
Gazprombank's last loan was agreed in October 2013. That
$500 million three-year club loan was co-ordinated by Barclays
and Bank of Tokyo-Mitsubishi UFJ and paid a margin of 140 bps
plus fees, equating to all-in pricing of 175 bps.
Gazprombank is rated BBB- by Standard & Poor's and Baa3 by
(Editing by Christopher Mangham)