Rosneft Secures $14.2 Bln Loan to Pay for AAR’s TNK-BP Stake
Russia’s Rosneft today, February 13, signed loan agreements for the total amount of U.S. $14.212 billion. The money raised will be used for the acquisition of a 50% stake in TNK-BP Ltd. from AAR (Alfa, Access, Renova) Consortium.
The cost of the financing that is being arranged is one of the lowest at the Russian corporate debt market.
The group of international banks which are acting as mandated lead arrangers and lenders includes 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, Unicredit Bank and Bank of China.
To remind, Rosneft has entered into agreements in principle on the acquisition of TNK-BP from BP and the AAR consortium. The total value of the deal is valued at USD 56 billion. The agreement will, once completed, make Rosneft the largest public oil company in the world by production and reserves.
February 13, 2013