Rosneft ready to redeem bridge loan

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.