Rosneft Oil Company announced it would take out a $14.2 billion loan from a group of international banks and use the borrowed funds to acquire a 50% stake in TNK-BP Ltd. from AAR (Alfa, Access, Renova) Consortium. The decision to raise borrowed funds was made at the session of Rosneft's Board of Directors on February 11.
"The cost of the financing that is being arranged is one of the lowest at the Russian corporate debt market," Rosneft commented.
The group of international banks which are acting as mandated lead arrangers and lenders includes Bank of America Merrill Lynch; Barclays Bank; BNP Paribas; BTMU; Citibank; Credit Agricole; ING Bank; Intesa Sanpaolo Banking Group; J.P. Morgan; Mizuho Corporate Bank; Natixis; Nordea Bank; SMBC; Société Générale; Unicredit Bank; and Bank of China.
It will be recalled that on December 21, Rosneft Oil Company signed agreements to take out $16.8 billion in two loans to acquire 50% in TNK-BP from BP. The lenders and loan arrangers are as follows: Bank of America Merrill Lynch; Barclays Bank; BNP Paribas; BTMU; Citibank; Credit Agricole; ING Bank; Intesa Sanpaolo Banking Group; J.P. Morgan; Mizuho Corporate Bank; Natixis; Nordea Bank; SMBC; Société Générale; and Unicredit Bank.
Earlier, in October 2012, Rosneft reached an agreement with BP and AAR to acquire their respective 50% stakes in TNK-BP. Both transactions are subject to certain conditions including approvals by regulatory authorities and will presumably be effected at the same time in the first half of the year 2013. In December 12, 2012, Rosneft Oil Company and the Alfa Group - Access Industries - Renova consortium (AAR) signed the purchase and sale agreement for a 50% stake in TNK-BP. The transaction price was set on the basis of the valuation of AAR's TNK-BP stake at $28 billion.
Alfa Group established in 1989 is one of the largest private financial and industrial consortia in Russia. The Group's activity is related to the oil and gas production, commercial and investment banking, asset management, insurance and retail trade, telecommunications and mass media as well as investments in industrial and trading enterprises and other selective investments. The consortium includes OJSC Alpha Bank, Alpha Capital Management Company, Alfa Capital Partners Management Company, AlphaStrakhovanie Group. Alpha Group together with Access Industries / Renova owns 50% of TNK-BP. Through Altimo, the Group invests in telecommunication companies including VimpelCom, OJSC MegaFon and Kievstar. The Group also invests in the company Turkcell, the leading GSM operator in Turkey. Besides, the consortium includes X5 Retail Group N.V., STS Media Inc. and A1, the leading company in the direct investment market which is engaged in activities in the Russian market, in the CIS countries and other growing mark
ets.
Access Industries founded in 1986 by the American manufacturer Leonid Blavatnik is a global industrial group with long-term strategic investments across the world. The group's industrial activities are focused on three segments: natural resources and chemistry, mass media and telecommunications, real property market.
Renova Group is a private Russian business group owning and managing assets in the metallurgical, oil, mining, chemical, building and construction, power energy, telecommunications, hi-tech machine-building, housing and communal services and financial sectors in Russia and abroad (the CIS countries, Switzerland, Italy, RSA and the USA). Renova Group's largest assets are shares in TNK-BP, UC RUSAL, IES as well as in the Swiss technological concerns OC Oerlikon and Sulzer.
OJSC TNK-BP Holding (tax number: 7225004092) is registered and active in Russia being established in November 2004. TNK-BP Holding owns most of TNK-BP's assets in Russia taking the Russian assets of TNK, ONAKO and Sidanko onto its books after a corporate restructuring program. TNK-BP Holding does not represent TNK-BP's property interests in Ukraine and does not include OJSC NGK Slavneft as well as some other assets of TNK-BP. Minority shareholders own about 5% in the holding.
US GAAP net profit of TNK-BP Holding for H1 2012 decreased by 34.4% to $3.373 billion from $5.145 billion the year before. The company's revenue rose by 2.7% to $21.033 billion from $21.608 billion. Operating profit decreased to $4.754 billion from $6.44 billion.
According to the information and retrieval system DataCapital, net profit (RAS) of TNK-BP Holding for H1 2012 decreased by 32% to RUB 84.958 billion. Revenue increased by 7% to RUB 503.285 billion from RUB 469.415 billion.
OJSC Rosneft (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. Rosneft's proved SEC compliant reserves as of December 31, 2011 were 17.618 billion barrels of oil equivalent. In 2011, Rosneft ramped up production of hydrocarbons to 2.586 barrels per day.
The company's authorized capital is RUB 105.981 million. This amount is represented by 10,598,177,810 common shares at par value of RUB 0.01. The company's largest shareholder is the state-owned company Rosneftegaz securing 75.16% of its authorized capital.
Net profit (IFRS) of Rosneft Oil Company for 2012 increased by 7.2% to RUB 342 billion from RUB 319 billion. Revenue increased by 13.2% to RUB 3.078 trillion from RUB 2.718 trillion for 2011. EBITDA decreased by 8% to RUB 609 billion from RUB 662 billion. Capex amounted to RUB 466 billion, FCF was RUB 45 billion.
Net profit (RAS) of OJSC Rosneft Oil Company for January-September 2012 increased by 38.2% to RUB 236.196 billion from RUB 170.94 billion for 9 months 2011. Rosneft's revenue increased by 32.5% to RUB 1.306 trillion from RUB 986.376 billion in January-September 2011, pre-tax profit by 30% to RUB 274.305 billion from RUB 211.063 billion.
"AK&M", 14.02.2013
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