By Reshmi Basu
New York, April 23 - OAO Gazprom's funding vehicle GAZ Capital SA priced $1.2 billion of 30-year bonds (Ba2/BB-/BB) with a 10-year put option at par to yield 8 5/8%, according to market sources.
The offering came at the tight end of talk. Price guidance of 8¾% surfaced Thursday on what market sources believed would be a downsized $1 billion deal. However, the deal came in line with the originally announced amount of $1.2 billion.
Credit Suisse First Boston and Deutsche Bank Securities were joint bookrunners on the Rule 144A/Regulation S deal.
Gazprom is a Russian natural gas company.
| Issuer: | Gaz Capital SA
|
| Borrower: | OAO Gazprom
|
| Amount: | $1.2 billion
|
| Maturity: | April 28, 2034
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 417.5 basis points
|
| Put: | April 28, 2014
|
| Pricing date: | April 23
|
| Settlement date: | April 28
|
| Bookrunners: | Credit Suisse First Boston, Deutsche Bank
|
| Ratings: | Moody's: Ba2
|
| Standard and Poor's: BB-
|
| Fitch: BB
|
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