MOL Group Significantly Strengthens its Financial Position through Credit Facility Agreement
- MOL Group signed revolving credit facility agreement worth USD 1.5 billion
- MOL Group achieved highly competitive conditions
- The credit facility agreement further enhances MOL Group’s financial profile and liquidity
BUDAPEST, Hungary – 31st October, 2014 – MOL Group has signed a USD 1,550 million revolving credit facility agreement (“Agreement”) with a group of 15 banks. The new facility refinances the EUR 500 million revolving credit facility which expired in September 2014 as well as the USD 545 million revolving credit facility concluded in April 2013. MOL Group achieved through the deal highly competitive conditions with margin of 115 basis points.
The facility has been arranged with a group of main relationship banks of MOL Group. The tenor of the Agreement is 5 years with 1+1 year extension options. The new facility further enhances the financial profile and the liquidity position of MOL Group and contributes to preserve its existing commercial banking partnerships while introducing new lenders as well.
The Agreement is coordinated by Crédit Agricole Corporate and Investment Bank and ING Bank NV; Bank of America Merrill Lynch is the facility agent.
József Simola, MOL Group CFO comments the deal: “I am proud that MOL Group again proved to be among the top borrowers in the region. Originally our intention was to refinance the expiring EUR 500 million revolving credit facility. Due to the great market response we contracted a significantly higher amount at a substantially lower price level. The deal shows that the market has confidence in MOL Group and has appetite for its healthy risk profile.”