Russia's Gallery Group to start roadshow Wednesday for $150 million seven-year notes

By Paul A. Harris

St. Louis, May 2 - Gallery Capital, a special purpose vehicle of Russian outdoor advertising network Gallery Group, will begin a roadshow Wednesday in London for its $150 million offering of seven-year senior secured notes (B-), according to a market source.

Pricing is expected next week.

Citigroup has the books for the notes, which are being marketed via Rule 144A and Regulation S.

The notes will come with four years of call protection.

Proceeds will be used to repay debt as well as to fund an acquisition and capital expenditures.

Gallery Group is the second-largest outdoor advertising network in the Russian Federation based on revenues and number of outdoor advertising sites. The company's headquarters are in Moscow.

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