By Aaron Hochman-Zimmerman
New York, July 22 - OAO Gazprom priced $1.25 billion and €850 million of loan participation notes (Baa1/BBB/BBB), according to a market source.
A $1.25 billion five-year tranche priced at par to yield 8 1/8% with a spread of Treasuries plus 573.6 basis points.
The bonds priced on the tight end of talk for a yield of 8¼%, which had been revised down from the original 8½%.
The bonds have a make-whole call at 50 bps.
JPMorgan and Morgan Stanley acted as bookrunners for the Rule 144A and Regulation S dollar portion.
A €850 million five-year six-month tranche also priced at par to yield 8 1/8% with spreads of mid-swaps plus 518.2 bps and Bunds plus 548.8 bps.
The bonds priced tighter than talk of 8¼% to 8½%. The talk had been revised tighter from 8¾%.
BNP Paribas and Societe Generale acted as bookrunners for the Regulation S only euro piece.
Proceeds from the sale will be used to refinance existing debt and for general corporate purposes.
Both tranches were issued via Gaz Capital SA
Gazprom is a Moscow-based government run energy firm.
Issuer: Gaz Capital SA (OAO Gazprom)
Issue: Loan participation notes
| Pricing date: | July 22
|
| Settlement date: | July 31
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Amount: | $1.25 billion
|
| Maturity: | July 31, 2014
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | Treasuries plus 573.6 bps
|
| Bookrunners: | JPMorgan, Morgan Stanley
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 8¼%, revised from 8½%
|
|
|
| Amount: | €850 million
|
| Maturity: | Feb. 4, 2015
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spreads: | Mid-swaps plus 518.2 bps, Bunds plus 548.8 bps
|
| Bookrunners: | BNP Paribas, Societe Generale
|
| Distribution: | Regulation S only
|
| Price talk: | 8¼% to 8½%, revised from 8¾%
|
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