Herbert Smith Moscow has advised Barclays Bank as agent and a syndicate of 12 other leading banks on a multi-currency facility to the Russian oil giant Rosneft.

The facility includes two tranches – a dollar tranche of US$1.4 billion and a euro tranche of €470 million.

Barclays Capital, UniCredit, BayernLB, Bank of America, Bank of Tokyo-Mitsubishi UFJ, Citi, Credit Suisse, Deutsche, DZ Bank, JP Morgan, Mizuho, SMBC and WestLB acted as mandated lead arrangers. The deal was coordinated by Barclays Capital.

The Herbert Smith team was led by partner Edward Baring, assisted by associates Matthew Lorimer and Georgiy Entin.

Edward Baring commented:

“This was a fascinating deal which took place against a backdrop of almost unprecedented volatility in both the financial markets and the interbank lending market. Although the scarcity of dollars available to European lenders meant that the facility had to be split into euro and dollar tranches, we are very pleased that Rosneft achieved its overall target of raising more than US$2 billion, with 13 international banks from all over the world joining the bank syndicate.” 

Allen & Overy acted for Rosneft.