By Reshmi Basu
New York, May 24 - Russian state-controlled gas monopoly OJSC Gazprom sold a two-part offering of sterling- and euro-denominated notes (A3/BBB/BBB-) on Thursday, according to a market source.
The issuer priced £550 million of notes due October 2013 at par to yield Gilts plus 115 basis points, which came in line inside of guidance that was in the 120 bps area.
Gazprom also sold €700 million of notes due October 2014 at par to yield a spread of mid-swaps plus 79 bps, which priced tighter than talk of mid-swaps plus 80 to 85 bps.
ABN Amro and Morgan Stanley were joint bookrunners for the sterling-denominated tranche, while ABN Amro and Societe Generale were joint bookrunners for the euro-denominated tranche.
Both tranches were structured as Regulation S deals.
On March 1, Gazprom priced a dual-tranche offering of €500 million of 10-year global notes and $1.3 billion of 15-year global notes (A3/BBB/BBB-).
| Issuer: | GAZ Capital SA
|
| Borrower: | OJSC Gazprom
|
| Issue: | Two-part offering of loan participation notes
|
| Pricing date: | May 24
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
|
|
| Sterling tranche
|
| Amount: | £550 million
|
| Issue: | Senior unsecured loan participation notes
|
| Maturity: | Oct. 31, 2013
|
| Coupon: | 6.58%
|
| Issue price: | Par
|
| Yield: | 6.589%
|
| Spread: | 115 basis points more than Gilts
|
| Joint bookrunners: | ABN Amro, Morgan Stanley
|
| Settlement date: | June 8
|
|
|
| Euro tranche
|
| Amount: | €700 million
|
| Issue: | Senior unsecured loan participation notes
|
| Maturity: | Oct. 31, 2014
|
| Coupon: | 5.364%
|
| Issue price: | Par
|
| Yield: | 5.37%
|
| Spread: | Mid-swaps plus 79 bps
|
| Joint bookrunners: | ABN Amro, Societe Generale
|
| Settlement date: | June 4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
