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News // Markets & Stocks

Rosneft has paid off eurobonds to the amount of $ 1 bln

29 July 2016 , 10:07Neftegaz.RU563

Rosneft announced in a statement from July 27, 2016, that Rosneft Finance S.A. (a subsidiary of Rosneft) has redeemed second series Eurobonds worth $1 billion.

 

Those eurobonds were issued by the former TNK-BP Group in 2006, maturing 10 years later, with the coupon rate of 7.5% p.a.

 

Profit maximization at the operational level and efficient working capital management allow Rosneft to generate a stable cash flow thus ensuring sources for paying dividends, reducing debt load and providing the necessary liquidity for financing of the investment program .

 

Over 1Q 2015,  net debt of the Company was reduced by 44.8% in dollar terms and made $23.9 bln.

 

Following the above redemption, series 3 of Rosneft Finance S.A. eurobonds remain in circulation, with total nominal value of $2.4  bln.

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