Gaztransit (1999-2000)
Key information:
- Expansion of the Trans-Balkan gas pipeline into Ukraine
- 2002: EUR 97 mln. Creditors: EBRD, Black Sea Trade & Development Bank, HVB, ABG
- 2001: EUR 250 mln. Creditor: HypoVereins Bank
- Project in the former USSR/CIS
Organizational and financing features:
- Loans secured by the existing independent export contract
- Completion guarantees of construction and contract performance
- Project company, equity and asset pledges
- 75% – external debt, 25% – equity
- Transport contract under the formula «ship or pay» (100% Gazprom)
- Tariff for operating expenses, debt servicing and return on capital – by-pass of regulatory restriction of tariff by adding artificial compression fee
- Dividend payments not before full debt repayment