By Reshmi Basu
New York, July 23 - OAO Gazprom priced an upsized $1.25 billion of notes due 2020 (-/BBB-/BBB-) at par to yield 7.25%, according to a market source.
The deal, increased to $1.25 billion from $1 billion, came in line with price talk.
The bonds will have a maturity of 15.5 years and a two-year grace period. The average life is 7.4 years.
The securities will be guaranteed by revenues from deliveries of natural gas to Eni of Italy and Gasunie of the Netherlands.
ABN Amro, Merrill Lynch & Co. and Morgan Stanley ran the books for the Rule 144A/Regulation S bond offering.
The Moscow-based company is the world's largest natural gas producer.
Issuer: Gazprom International SA
| Amount: | $1.25 billion
|
| Issue: | Asset-backed notes
|
| Maturity: | Feb. 1, 2020
|
| Coupon: | 7.201%
|
| Issue price: | Par
|
| Yield: | 7.25%
|
| Pricing date: | July 23
|
| Settlement date: | July 29
|
| Bookrunners: | ABN Amro, Merrill Lynch & Co., Morgan Stanley
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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