PKN Orlen strikes deal for Lithuanian refinery

29 November 2006 17:45  [Source: ICIS news]

PRAGUE (ICIS news)--Poland’s PKN Orlen said on Wednesday that financing was now in place for its €1.78bn ($2.34bn) takeover of Lithuania’s Mazeikiu Nafta, the oil refinery which it intends to turn into an oil/petrochemicals complex.

 

The financing was secured by a five-year €800m rolling loan, with an option for a two-year extension and a 12-month €800m bridge loan, probably to be refinanced with a bonds issue, the company said.

 

A spokesman for PKN Orlen said the deal was the biggest financial project in the company’s history.

 

(€1 = $1.31)

 

 

 

 

By: Will Conroy
+44 20 8652 3214

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