* Combined Rosneft, TNK-BP cash resources $15 bln
* Rosneft says received commitments for $30 bln from banks
* Russian state oil major markets benchmark dollar bond
MOSCOW, Nov 26 Rosneft may dig deeper
into its pockets and raise funds from TNK-BP to help
finance its $55 billion takeover of the Anglo-Russian oil firm
that will make it the world's largest listed oil firm by output.
Rosneft said in a Eurobond prospectus, dated Nov. 23 and
obtained by Reuters on Monday, that it may use its and TNK-BP's
existing cash - which totalled over $15 billion at Sept. 30 - to
fund the deal in combination with borrowings from banks.
It was not clear how exactly state-controlled Rosneft would
rely on TNK-BP to finance the deal - some analysts say the joint
venture may eventually pay a special dividend or loan funds to
Rosneft to help complete the deal.
Rosneft needs $45 billion in cash to fund its two-stage
takeover of TNK-BP. In the first leg, which has already received
Russian government and board approval, it will buy out British
oil major BP's one-half stake for stock and $17.1 billion
BP would plough back $4.8 billion of proceeds into buying
Rosneft shares from the Russian state, ending up with a stake of
nearly 20 percent.
In the second step, Rosneft would pay $28 billion in cash to
buy the rest of TNK-BP from AAR, a consortium that represents
billionaire shareholders Mikhail Fridman, German Khan, Viktor
Vekselberg and Len Blavatnik.
Rosneft also said in the prospectus that it has received a
commitment from a syndicate of international banks to lend
around $30 billion, including up to $7.5 billion in long-term
financing, to fund the takeover.
Reuters Loan Pricing Corporation reported on Nov. 15 that
Rosneft was receiving initial commitments of $32.5 billion in
takeover finance from banks.
A source close to the deal told Reuters that Rosneft will
hold roadshow for a dollar-denominated Eurobond between Monday
and Wednesday of this week.
The offering is expected to be of benchmark size, meaning it
would raise $500 million or more.