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HELLENIC PETROLEUM SA announces that, on 26 June 2018, the Group has completed the refinancing of existing debt and proceeded to the arrangement of new loans totaling approximately €900 million, securing the Group’s funding for operational and investing needs for the next two years. In particular, the Group refinanced an existing syndicated facility with an uprising of lenders’ commitments to €400 million, for five years, with participation of Greek and international banks.
The Group also proceeded to the arrangement of a new three-year syndicated facility of $250 million.
It is noted that during the first half of 2018, the refinancing of a three-year syndicated facility was also signed, while at the same time the amount of the loan was increased by €100 million to €300 million.
The above facilities have improved terms, including significantly reduced funding costs that are expected to have a positive impact on the Group's profitability. Furthermore, the average duration of the Group's debt obligations was increased. The facilities are revolving which provides additional flexibility.
The banks’ demand for participation was particularly high, highlighting the confidence of the Greek and international financial system in the Group’s outlook.