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. Last Updated: 07/27/2016

LUKoil Eyes Loan for U.S. Project

LUKoil, Russia's biggest oil producer, is seeking a $475 million loan for its U.S. gasoline station operator Getty Petroleum Marketing, a banker involved in the deal said.

ABN AMRO and Calyon are arranging the unsecured loan, said the banker, who declined to be identified.

Moscow-based LUKoil, which is guaranteeing the loan, acquired Getty in 2000 to expand in the U.S. Last year, Getty bought about 800 Mobil-branded filling stations in New Jersey and Pennsylvania from ConocoPhillips, boosting its network to more than 2,000 gas stations.

LUKoil plans to export more crude to North America to produce fuel for its outlets, chief executive Vagit Alekperov said in June. The company will use the Dutch port of Rotterdam and ConocoPhillips's terminals in Ireland to accumulate crude on larger tankers for shipment across the Atlantic.

The financing that ABN and Calyon are syndicating to other lenders includes a $255 million 4 1/2-year term loan with an interest margin of 1.2 percentage points over the London interbank offered rate. There is also a four-year revolving credit with an interest margin of 0.8 percentage point.

Money in a revolving credit can be borrowed again once it is repaid; in a term loan, it cannot be.

The company will also pay a facility fee each year to maintain the loan, even if the money is not used.