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. Last Updated: 07/27/2016

TNK-BP Agrees to Borrow $600M

TNK-BP Holding agreed to borrow $600 million through a three-year loan backed by its export contracts, a banker involved in the transaction said.

Moscow-based TNK-BP, which borrowed $150 million from Deutsche Bank and Calyon in December, increased the loan with funds from ING Groep and UniCredit to $315 million in April and raised an additional $285 million from a group of banks during syndication, said the banker, who declined to be identified because the terms are private.

TNK-BP, Russia’s third-biggest oil producer, will pay interest of 4 percentage points more than the London interbank offered rate, according to the banker. The company agreed to a margin of 2.85 percentage points on the loan it got in December, the banker said.

WestLB and Orgresbank on Wednesday joined the syndicate.