Nord Stream Phase II Financing Update: Commitment Letters have been signed
Dec. 16, 2010 | Zug | Nord Stream AG today confirmed that following the recent publication of a Request for Proposal for Phase II project financing, binding Commitment Letters have now been signed with 24 banks which secures the Phase II financing (a total amount of 2.5 billion euros). These Commitment Letters are based upon detailed contracts which are planned to be signed in the second half of January 2011.
Nord Stream Financial Director Paul Corcoran commented: “This is an important milestone for us to reach before the end of 2010 and we are delighted with the response we have had from the project finance market. We now look forward to formally closing this second phase of financing early in 2011.”
26 banks had formally responded to the Request for Proposal, with a total offering well above 4 billion euros, this is an oversubscription of more than 60 percent. The Phase II banking group is substantially the same as in Phase I. Twenty-one of the banks that participated in Phase I are also participating in Phase II.
