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Bloomberg News

Rosneft Secures $4.48 Billion in Credit Lines From State Banks

December 01, 2008

OAO Rosneft, Russia’s biggest oil producer, secured short-term credit lines from Russian state banks of as much as $4.48 billion in October and November.

About $2.1 billion of that amount had been borrowed as of Nov. 28, according to a financial statement posted on its Web site today.

Rosneft secured credit lines of 104 billion rubles ($3.71 billion) with interest rates between 10 percent and 14 percent, and up to $774 million bearing an annualized interest rate of 5 percent above the London interbank offered rate, or Libor.

Russian news service Interfax reported Oct. 31 that Rosneft planned to get an $800 million loan from state development bank Vnesheconombank, citing an unidentified employee at the oil producer.

The company also said it met margin calls relating to a share repurchase agreement with a group of international banks.

In June 2008, the company sold 412.9 million shares to the banks for $2.35 billion under a repurchase agreement. The company added more shares as collateral and also paid the banks cash, pledging a total of 494.9 million shares as of Nov. 28 and holding a net debt under the repurchase agreement of $1.03 billion.

To contact the reporter on this story: Greg Walters in Moscow

To contact the editor responsible for this story: Guy Collins in London

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