By Reshmi Basu and Paul A. Harris
New York, July 15 - Russian natural gas giant OAO Gazprom priced $646.5 million of amortizing notes due July 2013 at par to yield 5 5/8%, according to a market source.
The oversubscribed notes came inside of price guidance. Guidance had been set at 5.70%.
The notes have an average life of 3.8 years.
Deutsche Bank Securities was the bookrunner for the Rule 144A/Regulation S notes.
Gazprom was also selling a second portion, a $1.222 billion deal guaranteed by Italian credit agency, SACE SpA.
Market sources said terms were unavailable on the Regulation S tranche late Friday.
Proceeds will be used to refinance debt incurred in the Blue Stream pipeline project.
Gazprom is based in Moscow.
Issuer: Gazstream SA
| Obligor: | OJSC Gazprom
|
| Issue: | Amortizing loan participation notes
|
| Amount: | $646.6 million
|
| Maturity: | July 2013
|
| Average life: | 3.8 years
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | Treasuries plus 169 basis points
|
| Pricing date: | July 15
|
| Settlement: | July 19
|
| Price guidance: | 5.70%
|
| Ratings: | Moody's: Baa2
|
| Fitch: BB
|
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