Rosneft signs US$3bn facility

Rosneft has signed a US$3bn structured crude oil pre-export credit facility from a group of international banks. Acting as mandated lead arrangers are ABN Amro, BBVA, Barclays Bank, Bayerische Landesbank, BNP Paribas, Deutsche Bank, ING Bank, JPMorgan, Mizuho Corporate Bank, Orgresbank (part of Nordea Bank), Soci&eaute;té Générale Sumitomo Mitsui Finance, The Bank of Tokyo-Mitsubishi UFJ and WestLB.

The loan carries a tenor of five-years and is secured by export contracts for the sale of crude oil. The margin being paid on the deal is 95 basis points over Libor, an upward swing compared to margins secured on previous pre-credit crunch facilities.

General syndication is expected to be launched shortly, however DZ Bank and Calyon have already joined the facility as arrangers. Deutsche Bank is the facility agent and acted as the coordinator on the deal. ING Bank is the passport bank.

The proceeds of the loan have been disbursed and will be used to repay bridge loans secured last year to finance acquisitions completed in 2007.