NK Rosneft' OAO Obtains Financing To Buy BP Stake In TNK-BP-Interfax

Interfax reported that NK Rosneft' OAO (Rosneft) signed two loan agreements with a group of international banks for a total of $16.8 billion to finance the acquisition of 50% stake in TNK-BP from BP on December 21, Rosneft said in a press release. Rosneft is obtaining a five-year loan of $4.1 billion and a two-year loan of $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 and Unicredit Bank which are acting as mandated lead arrangers and lenders. Rosneft is buying 100% of TNK-BP from BP and its Russian shareholders Alfa-Access-Renova (AAR). It has signed all the binding documents needed to close the deal. Rosneft will pay BP $12 billion cash and BP will own 19.7% of Rosneft. Rosneft will pay AAR $28 billion cash for its stake.