Rosneft Obtains Financing to Acquire from BP 50% in TNK-BP
On December 21 Rosneft signed two loan agreements with a group of international banks for the total amount of U.S. $16.8 billion to finance the acquisition of 50% stake in TNK-BP from BP.
Pursuant to these loan agreements, Rosneft obtains a 5-year loan of U.S.$ 4.1 billion and a 2-year loan of U.S.$12.7 billion from a group of international banks including Bank of America Merrill Lynch, Barclays Bank, BNP Paribas, BTMU, Citibank, Credit Agricole, ING Bank, Intesa Sanpaolo Banking Group, J.P. Morgan, Mizuho Corporate Bank, Natixis, Nordea Bank, SMBC, Societe Generale и Unicredit Bank which are acting as mandated lead arrangers and lenders.
Commenting on the agreements signed, Rosneft President and Chairman of the Management Board Igor Sechin said: ‘The Company has reached an understanding with leading international financial institutions in the domain of its strategic projects. We would like to thank our financial partners for prompt decision-making ensuring the completion of the deal unprecedented for the Russian market. We wish our partners success in the new year.’
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