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Energy

Russia Gazprombank to take $450 mln loan by end-March

MOSCOW, Feb 26 (Reuters) - Gazprombank, the banking arm of Russian gas export monopoly Gazprom GAZP.MM, plans to secure a syndicated loan of $450 million before the end of March, a source familiar with the deal told Reuters on Tuesday.

The loan will be taken in two tranches, the first for one year at 45 basis points above LIBOR, and a second for three years at 65 basis points above LIBOR.

The funds will be used to refinance debt and for corporate operating expenses.

The managers of the deal are the Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, ING, Intesa Sanpaolo and SMBC.

In April 2006, Gazprombank secured a $500 million three-year loan at 50 basis points above LIBOR. (Reporting by Dmitry Sergeev; Writing by Simon Shuster; Editing by Quentin Bryar)

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