OREANDA-NEWS. The Rosneft Board of Directors held an extraordinary meeting. In accordance with the meeting’s agenda, the members of Rosneft’s Board of Directors unanimously agreed to approve major transactions in connection with the Company signing a loan for up to USD 13 billion and providing a guarantee for RN-Razvitiye, which is signing a loan for up to USD 9 billion. Rosneft indirectly holds 100% of the capital in RN-Razvitiye through subsidiaries.

The loans for USD 13 billion and USD 9 billion were arranged by ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman Sachs, J.P. Morgan Chase and Morgan Stanley and have final maturities of up to 12 and up to 18 months respectively.

The interest rates on both loans are LIBOR +0,25%-0,5%, depending on the final redemption date. Both the size and the terms of the loans are unprecedented for a borrower on the Russian market.

Rosneft has secured the loans in order to finance potential acquisitions of core assets in the Russian Federation and abroad, including YUKOS’ assets to be sold at upcoming auctions.