Russia's Rosneft pulls benchmark-sized loan participation notes

By Aaron Hochman-Zimmerman

New York, July 16 - OJSC Oil Company Rosneft announced the withdrawal of its proposed benchmark-sized issue of unsecured loan participation notes (Baa1/BB+), according to a market source.

ABN Amro, BNP Paribas, Calyon, Citigroup, JP Morgan, and Morgan Stanley had been mandated to act as joint lead managers and bookruners.

The offer was part of a new $15 billion loan participation note program. The company now says it will use other available funding opportunities.

The deal was scheduled to be sold under Rule 144A and Regulation S.

Rosneft is a Moscow, Russia-based oil and energy company.

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