April 20, 2018 / 5:20 PM / 4 months ago

BRIEF-KMGI says extends $360 mln credit line by 2021

April 20 (Reuters) - Oil refiner KMG International(KMGI)

* KMGI, controlled by Kazakhstan’s state oil and gas company, KazMunayGas says extends $360 million credit line by 2021.

* Says it has amended and extended its $360 million multi-currency revolving credit facility on Friday. The amended maturity of this loan is three years with two one-year extension options, which the company has the ability to apply for.

* Says the loan was arranged by a syndicate of banks, comprising the following four mandated lead arrangers that provided the amount in equal proportions: ING Bank N.V. through ING Bank N.V– Bucharest Branch, Banca Comerciala Romana, Raiffeisen Bank SA and UniCredit Bank SA.

* Says the credit facility, guaranteed by KMG International, will be used by Rompetrol Rafinare, Rompetrol Downstream, KazMunayGas Trading and KMG Rompetrol for their general financing needs and for the creation of an efficient operating environment ensuring smooth running of their business.

* Fully owned by the national oil and gas company of Kazakhastan - KazMunayGas, KMG International is an integrated oil group with headquarters in Amsterdam, which owns and carries out major operations in refining, petrochemicals, retail and trading in 11 main markets.

KMGI has achieved very good operating and financial results during 2017 which represents a remarkable record for the last 40 years since Rompetrol and Petromidia were established but also 10 years since the company was acquired by KazMunayGas.

* The 2017 operating result (EBITDA) was $242 million – 20 percent higher than in 2016 and 3 times higher than in 2012. Likewise, the net result for 2017 was $80 million or 6 times higher than the one achieved in 2016.

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