SOCAR Trading inks revolving credit facility worth $150 mln
By Aynur Karimova
SOCAR Trading, which was established in 2008 in Geneva and belongs to Azerbaijan, has signed its $150 million Revolving Credit Facility.
The company reported last week that this is the first Revolving Credit Facility for the company and complements its existing syndicated borrowing base and bilateral facilities with over 20 financial institutions.
"These facilities support SOCAR Trading’s established and continuing global growth strategy," the company said.
The Facility was arranged by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ("Rabobank") and Société Générale Corporate & Investment Banking (the corporate and investment banking division of Société Générale, or "SGCIB" or the “Documentation Agent”) as the Bookrunning Mandated Lead Arrangers (“BMLAs”). The Bank of Tokyo-Mitsubishi UFJ Ltd. (“MUFG”) and Société Générale act as Issuing Banks and Rabobank as the Facility Agent.
The Facility will have an initial tenor of 12 months and also includes two 364-day Extension Options.
SOCAR Trading Company, which realizes 75 percent of sale of Azerbaijani oil (20 million barrels per month), as well as gas and LNG (liquid natural gas), continues strengthening its activity in world arena.
SOCAR Trading has offices in Singapore, Dubai, London, Monaco and Istanbul. Headquarter of the company in Geneva has 120 employees from 160 employees in 10 subsidiaries worldwide and is the most important branch of the company.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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