Russia ’s Rosneft has closed a US$600mn 4.5-year pre-export financing facility through mandated lead arrangers ABN Amro, Commerzbank, Deutsche Bank, Dresdner Kleinwort Wasserstein, KBC and Natexis Banques Populaires. There was an oversubscription from US$500mn during syndication, but the loan was not increased.

Some 18 institutions joined the facility during senior and general syndication.

The margin is 355bp and begins annuity style monthly amortisation starting 10 months after signing.

Fees for co-arrangers are 70bp for US$20mn, for senior lead managers 65bp for US$15mn, for lead managers 55bp for US$10mn and for managers 45bp for US$5mn.

The financing is backed by export receivables.