13 September – LAWFUEL – The Law News Network – Allen & Overy’s Moscow office has advised mandated lead arrangers ABN AMRO and Barclays Capital in relation to a US$2 billion syndicated facility for state oil company Rosneft, one of the largest ever syndicated loans for a Russian company. Senior syndication of the deal was oversubscribed and closed successfully on 2 September 2005.
This deal comes three months after Allen & Overy Moscow advised ABN AMRO in relation to a US$972 million unsecured syndicated facility for Gazprom, the largest ever unsecured loan for a Russian company. The latest loan is available in three tranches, with a maturity of five years. Loan proceeds are to be used by Rosneft to refinance its existing indebtedness.
Rosneft is Russia’s second largest oil company and Gazprom is Russia’s largest company and also the largest gas-producing company in the world.
Peter Timchur, who led Allen & Overy’s team on the deal, comments: “This transaction again demonstrates the appetite of international lenders to lend to major Russian corporates. It was an interesting deal to be involved with because, as well as the landmark deal value, closing the transaction involved negotiations with Rosneft’s five existing syndicates of international lenders and the provision of advice in seven different jurisdictions from seven different Allen & Overy offices.”
Allen & Overy’s Moscow team was led by partner Peter Timchur, assisted by associates Edward Baring and Ekaterina Abrossimova.