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Russia’s Novatek Said to Seek Proposals for $1 Billion of Loans

OAO Novatek, Russia’s second-biggest natural-gas producer, is seeking a syndicated loan of as much as $1 billion, according to three people with knowledge of the matter.

Novatek has asked lenders to propose the structure and pricing for three- and five-year term loans, said the people, who asked not to be identified because the deal isn’t public. The Tarko-Sale, Siberia-based company is self-arranging the deal, and lenders must reply to the so-called request for proposals by March 22, the people said.

The company has two dollar-denominated loans totaling $500 million maturing this year, according to data compiled by Bloomberg.

Novatek, run by billionaire Chief Executive Officer Leonid Mikhelson, is planning to build a $20 billion liquefied natural gas plant on the Yamal Peninsula in Russia’s arctic region with French company Total SA.

Officials at Novatek didn’t immediately return a telephone call and e-mail seeking comment on the financing.

OAO Gazprom is the world’s biggest natural gas producer.

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