RN-Razvitiye is set to acquire 1 billion of Rosneft's ordinary shares representing 9.44% of its charter capital still in possession of Yukos, the oil company said.
"Currently, Rosneft's business mix includes a material disbalance between upstream and downstream - we produce much more oil than we have capacity to refine. Hence, we are interested in potential acquisitions of assets being sold in the Yukos bankruptcy auctions," Rosneft President Sergei Bogdanchikov said.
At its extraordinary meeting March 15, the Rosneft Board of Directors approved major transactions to raise a loan for up to $13 billion and provide a guarantee for RN-Razvitiye, which is set to borrow up to $9 billion, the oil company said.
The loans are intended to finance Rosneft's potential acquisitions of core assets in Russia and abroad, including Yukos' assets to be sold at upcoming auctions, the oil company's press office said.
The $13 bln and $9 bln loans 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, the oil company said.