1 Min Read
MOSCOW, Aug 14 (Reuters) - Russia's No. 2 oil producer Lukoil has agreed a three-year bridge loan for $1.5 billion with U.S. banks Citi and JPMorgan, Interfax news agency reported on Thursday, citing two banking sources close to the deal.
Lukoil said in June that it may raise a bridge loan of up to $2 billion from the two U.S. banks, which were previously arranging a Eurobond issue for the company.
The Eurobond issue was postponed due to unfavourable market conditions linked to the Ukraine crisis after Western sanctions restricted Russian firms' access to international capital markets. The bridge loan will expire in July 2017, Interfax reported. (Reporting by Alexander Winning; editing by Katya Golubkova)