Gazpom to bring $1 billion equivalent bonds in dollar and/or euros via ABN, CSFB

By Paul A. Harris

St. Louis, Feb. 22 - Russian gas giant Gazprom is expected to bring to market a $1 billion equivalent offering of three-year eurobonds, according to a market source who said that timing remains to be determined.

Issuing through subsidiary Gaz Capital SA, the company is expected to make the offering in U.S. dollar- and/or euro-denominated bonds.

ABN Amro and Credit Suisse First Boston have the bookrunning mandate.

Proceeds will be used for general corporate purposes.

Moody's Investor Services has assigned its Ba2 issuer rating to Gaz Capital. Standard & Poor's, meanwhile, assigned its BB- issuer rating and Fitch its BB issuer rating to Gaz Capital.

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