By Paul A. Harris
St. Louis, Sept. 16 - OAO Gazprom's funding vehicle Gaz Capital SA priced an upsized €1 billion of loan participation notes due Sept. 27, 2010 (B+) at par to yield 7.8%, a market source told Prospect News on Tuesday.
The deal was doubled in size from a planned €500 million.
Deutsche Bank Securities and UBS Investment Bank were underwriters.
The deal launched off a $5 billion program for the issuance of loan participation notes.
Proceeds will be used to refinance debt and develop new gas reserves.
The issuer is a funding vehicle for Russian natural gas company OAO Gazprom.
Issuer: Gaz Capital SA (funding vehicle for OAO Gazprom)
| Amount: | €1 billion (increased from €500 million)
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| Maturity: | Sept. 27, 2010
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| Security description: | Loan participation notes
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| Bookrunners: | Deutsche Bank Securities, UBS Investment Bank
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| Coupon: | 7.8%
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| Price: | Par
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| Yield: | 7.8%
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| Speads: | 398 basis points over 5¼% Bunds due July 2010, 387 basis points over mid-swaps
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| Settlement date: | Sept. 25, 2003
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| Ratings: | Standard & Poor's: B+
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| Listing exchange: | Luxembourg
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