RIA Novosti reported that Russia's largest oil company Rosneft has secured USD 30 billion in loan commitments including USD 7.5 billion in long term loans from a syndicate of international banks to finance the purchase of TNK-BP.
Rosneft announced in October it had reached agreements to buy 100% of Russia's third largest crude producer TNK-BP from British oil major BP and the AAR consortium of Russian billionaire shareholders. Under the terms of the deal, Rosneft will buy the whole of TNK-BP for USD 45.1 billion in cash and 12.84% of its stock.
BP will receive USD 17.1 billion in cash for its 50% stake plus stock representing 12.84% of Rosneft's shares while the AAR consortium of Russian billionaire shareholders will sell its 50% stake in the JV for cash consideration of USD 28 billion.
Rosneft signed a definitive agreement with BP on acquiring the British oil major's 50% interest last week while the deal with AAR is at an advanced stage. The TNK-BP deal is expected to be closed in the H1 of 2013.
The presentation suggests Rosneft also intends to finance the TNK-BP deal with its own funds. Rosneft had cash and financial assets equivalent to USD 15 billion on its consolidated balance sheets by late September 2012.
