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Rosneft ready to redeem bridge loan
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| 18.07.2008 - RBC |
Rosneft ready to redeem bridge loan
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Rosneft has completed preparations for the repayment of the last tranche of a $22bn bridge loan, the Russian oil company said in a statement today. Specifically, Rosneft signed a $2.35bn repurchase agreement and took out a $2.85bn syndicated loan in order to refinance its debt. The funds under the repurchase agreement were extended at an annual interest rate of 5.75 percent with a maturity period of one year by an international bank syndicate, which includes Barclays Bank plc, BNP Paribas, and Credit Suisse Securities (Europe) Limited, among other banks. The deal was organized by Barclays Bank plc.
The syndicated loan was taken out at an interest rate of LIBOR plus 1.25 percent with a maturity period of five years. Deutsche Bank organized the syndication, while Banco Santander, Bayerische Hypo- und Vereinsbank AG, BNP Paribas, and other banks participated in the deal. |
Issuer profile: Rosneft petroleum company is a government-owned company and one of the leaders of Russian fuel and energy industry.
Rosneft was founded in compliance with the resolution by the Russian government of 29, September, 1995 #971. Its main targets are prospecting and exploration of hydrocarbon, oil and gas recovery, raw product refinery, sale of oil, gas and oil-refining products in Russia and abroad.
The company controls over 40 subsidiaries in 19 regions of the country: in Western Siberia, Sakhalin, Northern Caucasus and Northern Russia. Issuer's rating:
| Standard&Poor's |
BBB-/Stable |
Int. Scale (foreign curr.) |
05/26/2008 |
| Standard&Poor's |
BBB-/Stable |
Int. Scale (loc. curr.) |
05/26/2008 |
| Moody's |
Baa2/Positive |
Int. Scale (loc. curr.) |
01/15/2007 |
| Moody's |
Baa1/Stable |
Int. Scale (foreign curr) |
07/04/2007 |
| Fitch Ratings |
BBB-/Positive |
Int. Scale (foreign curr.) |
06/30/2008 |
| Fitch Ratings |
BBB-/Positive |
Int.l Scale (local curr.) |
06/30/2008 |
| National Rating Agency |
AA- |
National scale (Russia) |
07/06/2007 |
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