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Rosneft CEO Igor Sechin
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Russian oil major will get the loan from a syndicate of international
banks. $7.5bn from the whole amount will be provided as a long-term financing.
More than 16 banks participate in the deal, Prime News agency reports.
Though Prime does not provide their names. Barclays, Citigroup, JP Morgan and
VTB Capital are organizing the deal. Deutsche Bank, Bank of America Merrill
Lynch and Morgan Stanley are assisting.
To finance the buy out, Russian company needs $45.1bn in cash plus
12.84% Rosneft stake as a compensation for BP.
Company will use own funds to finance the deal. Rosneft and TNK-BP has
on its accounts more than $15bn, in the form of cash, cash equivalents, and
short-term financial investments, Slon.ru reports.
Last week Rosneft and BP signed an agreement on the acquisition of 50%
stake of TNK-BP. The agreement with AAR, the other participant of the joint
venture, will soon come about. Rosneft plans to complete both deals by July
2013.
