Rosneftegaz OJSC has paid off a $7.5 billion loan raised in September 2005 to acquire 10.74% shares of Gazprom, as AK&M was informed by a representative of the Federal Property Management Agency.

"Rosneftegaz received funds from IPO [of Rosneft] on July 19. On the same day Rosneftegaz' loan was fully paid off, as well as some part of interests by the given date; the terms of the loan agreement provided for an early payment with the reduction of interest amount," he said.

The arrangers of the loan were ABN Amro, DrKW, JP Morgan and Morgan Stanley. The loan was raised at LIBOR+1.55%. The funds were used to pay 10.74% shares of Gazprom that Rosneftegaz acquired for RUB 203 bn ($7.1 bn) from subsidiaries of the gas Concern under the consolidation of a state controlling stake in the gas Concern.

As it was reported earlier, the loan was secured by 49% shares of Rosneft, the reserve security being the oil Company's export earnings.

"AK&M", 24/07/2006 14:45