Russia’s Gaz Capital to sell seven-year euro loan participation notes

By Christine Van Dusen

Atlanta, Nov. 10 – Russia’s Gaz Capital SA will issue euro-denominated loan participation notes due in seven years (Ba1/BB+/BBB-), according to a company announcement.

JPMorgan, Bank of China, Gazprombank and Unicredit are the bookrunners for the Rule 144A and Regulation S deal.

The planned notes are the 39th series to be issued under Gaz Capital’s $40 billion debt issuance program.

The notes will be issued on a limited recourse basis for the sole purpose of funding a loan by Gaz Capital to PJSC Gazprom, according to a Fitch Ratings report.

The proceeds are expected to be used by Gazprom for general corporate purposes, the agency said.

Moscow-based Gazprom is Russia's largest state-owned energy company.

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