Russian oil company Rosneft’s Indian venture Nayara Energy, which owns one of the largest refineries in the country, is moving to replace high-interest loans with new debt, part of efforts to reshape its balance sheet and cut borrowing costs, according to three sources familiar with the plan.
The high-interest loans are being refinanced through a mix of both rupee- and dollar-bond issuances, said the sources, who declined to be named as the discussions are private.
Nayara did not respond to a Reuters’ email seeking comment.
Rosneft and its partners – including global trader Trafigura and Russian fund UCP – in August 2017 closed the deal to buy Essar Oil, now known as Nayara Energy, for $12.9 billion. As part of the deal, Nayara inherited $5 billion in high-interest loans. Read More
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