ROSNEFT HAS PAID $1 BLN
Rosneft Finance S.A. (Rosneft subsidiary) has paid off series 2 eurobonds amounting to $1 bln of total nominal value. 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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