BCR joins Raiffeisen in lending EUR 350 mln to Romgaz for Neptun Deep deal

Romanian bank BCR, part of Erste Bank Group, joined Raiffeisen Bank Romania as an equal partner in financing Romgaz (BVB: SNG) natural gas company for the acquisition of the 50% stake held by ExxonMobile in the Neptun Deep offshore perimeter, the Romanian state-controlled gas company told investors.

Romgaz announced that it sealed an addendum to the contract for a EUR 350 mln loan initially sealed with Raiffeisen Bank, pursuant to which the parties have agreed for BCR to join the loan agreement, as a lender, with the consequent conversion of the loan agreement from a bilateral loan agreement to a syndicated loan agreement, without additional costs for the borrower.

Romgaz reported to the market on March 30, 2022, the conclusion of the loan agreement with Raiffeisen Bank.

Romgaz has to pay USD 1 bln to the US group Exxon for the 50% stake in the Black Sea gas project Neptun Deep. OMV Petrom owns the other 50% stake.

Romgaz has borrowed EUR 350 mln from the two banks to finance the total transaction, and the rest of the money comes from its own funds.

(Photo source: Inquam Photos/Adel Al-Haddad)