Glencore International PLC And Vitol In $10 Billion Loan To Buy Rosneft Crude-Reuters

Reuters reported that Glencore International PLC and Vitol have asked banks for a $10 billion syndicated loan to finance the purchase of up to 67 million tons of crude oil from Russian group Rosneft, bankers said. Glencore and Vitol are arranging the loan and asked banks to commit $500 million each and to express willingness to lend more. The two companies have pledged to commit $4 billion to the loan, a second banker said. Glencore, Vitol and Rosneft declined to comment. Bank of America Merrill Lynch and Citigroup are helping Glencore and Vitol co-ordinate the loan.