BP’s Venture With Rosneft Said to Seek $5 Billion Loan for Oil
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BP Plc and OAO Rosneft, Russia’s largest oil producer, are seeking a loan of as much as $5 billion to fund a crude-purchase deal, according to two people with knowledge of the matter.
The five-year facility pays a margin of 200 basis points, or 2 percentage points, more than benchmark rates, said the people, who asked not to be identified because the terms are private. The two oil firms have set up a specially created company to raise the debt, which is backed by future oil production from Moscow-based Rosneft.