Bloomberg News

TNK-BP Doesn’t See Eurobond Holders Affected by Rosneft Purchase

October 24, 2012

TNK-BP, a venture between BP Plc (BP/) and a group of billionaires, doesn’t expect Eurobond holders to be hurt by OAO Rosneft’s plan to buy the company for $54.8 billion.

“We do not foresee any potential negative impact on Eurobond holders in situation of the envisaged change of control,” TNK-BP spokeswoman Oksana Gavshina said by e-mail.

Moody’s Investors Service placed TNK-BP’s Baa2 debt rating on review for possible downgrade on a lack of information about the structure of $28 billion of funding for the deal, said Julia Pribytkova, a Russia oil and gas analyst at the rating company.

Rosneft said this week it will buy BP’s 50 percent in TNK- BP for $26.8 billion in cash and shares and has an initial deal to acquire the billionaires’ half for $28 billion in cash.

To contact the reporters on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net; Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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