Oil traders Glencore and Vitol have obtained US$7.5bn in loans to purchase crude oil from Rosneft.

The bookrunners are Bank of America Merrill Lynch, HSBC, Societe Generale, Deutsche Bank, Citi, BNP Paribas and JP Morgan. The mandated lead arrangers (MLAs) are Santander, Credit Suisse and Morgan Stanley. Lead arrangers are ABN Amro, Barclays, Lloyds, Rabobank and UBS. Deutsche has acted as agent.

The deal is reported to have a tenor of five years and is to be offered to additional lenders next week. The total volume could increase to US10bn, reports Bloomberg. The loan is backed by a share of Rosneft’s future oil production.