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Nord Stream Request for Phase II Financing to Banks

Source: www.gulfoilandgas.com 10/19/2010, Location: Asia

Nord Stream AG can confirm that Request for Proposals (RFP) for the raising of senior debt for financing Phase II development have now been issued to the commercial bank market.

In keeping with its current financial structure, Nord Stream intends to finance Phase II of the Nord Stream Pipeline with 30 percent equity from shareholders (Gazprom, BASF/Wintershall, E.ON Ruhrgas, Gasunie, and GDF SUEZ) and 70 percent senior debt. Nord Stream expects to procure the total debt requirement of 2.5 billion euros for Phase II from a combination of the following:

* Syndicated loan facilities of at least 1.7 billion euros of finance covered by the Export Credit Guarantee Programmes of Germany (Hermes) and Italy (SACE), and the United Loan Guarantee Program of the German Government (UFK).

* A syndicated loan facility on an uncovered basis in an amount of up to 800 million euros.

Negotiations with Hermes, SACE and UFK are well advanced. Contracts for all finance for Phase II are expected to be concluded by the end of this year (2010).

Nord Stream Chief Financial Officer Paul Corcoran commented: “We have already seen a strong commitment from lenders during Phase I financing, where we were 60 percent oversubscribed, and we expect to see similar strong interest for Phase II. This project continues to enjoy a robust contractual and financial structure as well as a world class sponsor group with long term strategic interest in the project.”

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