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Published on 2/2/2012 in the Prospect News Emerging Markets Daily and Prospect News High Yield Daily.

New Issue: Azerbaijan's Socar prices $500 million 5.45% notes due 2017 at par

By Christine Van Dusen

Atlanta, Feb. 2 - The State Oil Co. of the Azerbaijan Republic (Socar) priced a $500 million issue of 5.45% notes due Feb. 9, 2017 (Ba1/BB+/BBB-) at par to yield 5.45%, a market source said.

The notes priced in line with talk, which was set at the 5½% area.

Citigroup, Deutsche Bank and RBS were the bookrunners for the Regulation S deal.

Socar is a state-owned oil and gas company based in Baku, Azerbaijan.

Issuer:State Oil Co. of the Azerbaijan Republic (Socar)
Amount:$500 million
Maturity:Feb. 9, 2017
Description:Notes
Bookrunners:Citigroup, Deutsche Bank, RBS
Coupon:5.45%
Price:Par
Yield:5.45%
Trade date:Feb. 2
Settlement date:Feb. 9
Ratings:Moody's: Ba1
Standard & Poor's: BB+
Fitch: BBB-
Distribution:Regulation S
Price talk:5½% area

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