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Rosneft talks Russian banks into over $4.5bn of loans
RBC, 01.12.2008, Moscow 19:59:57.In October and November 2008, Rosneft secured a total of USD 4.574bn in possible short-term loans from Russian banks, the company's management report on its US GAAP-based 9M financial statement indicated. As such, Rosneft can raise RUB 104bn (approx. USD 3.8bn) at an annual rate from 10 to 14 percent, and USD 774bn at a rate of 5 percent over LIBOR. As of November 28, the company had used RUB 50bn (approx. USD 1.8bn) in ruble-denominated loans, and USD 313m in dollar-denominated facilities. The funds, according to official spokesman for the company Nikolai Manvelov, will be employed for general corporate purposes. However, Manvelov neither named any banks extending the loans nor gave any further details, including whether the funds were a result of the government's anti-crisis measures. As reported earlier, Rosneft had approached Vnesheconombank along with other Russian companies to take out some USD 800m to refinance its debt. According to an insider, the bid has been approved.
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