OAO Gazprom $1 billion 10-year notes talked at 9 5/8%-9¾%, to price Friday

By Paul A. Harris

St. Louis, Feb. 20 - Price talk of 9 5/8%-9¾% emerged Thursday on OAO Gazprom's offering of $1 billion 10-year bullets, according to an informed source.

The deal is expected to price Friday, the source added.

The source said worldwide demand for the Gazprom paper is multiple times the announced amount of the offering and the deal is likely to be upsized.

Dresdner Kleinwort Wasserstein and Morgan Stanley are joint bookrunners on the Rule 144A deal, which is being marketed to high yield and emerging markets accounts.

Proceeds will be used to repay short-term debt.

The issuer is a Russian natural gas producer and exporter.

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