Russia's Transneft talks five-, 10-year benchmark tranches

By Aaron Hochman-Zimmerman

New York, July 30 - OAO AK Transneft (A2/BBB+) issued talk for its two-tranche offering of benchmark loan participation notes, according to a market source.

The five-year tranche was talked at mid-swaps plus 350 basis points or about 7.8%.

The 10-year tranche was talked at mid-swaps plus 415 bps or about 8.9%.

Pricing is expected on Thursday.

Credit Suisse will act as bookrunner for the Rule 144A and Regulation S issue.

Proceeds will be used for investment projects and general corporate purposes.

Transneft is a Moscow-based gas pipeline operator.

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