New Issue: Gazprom $500 million seven year notes yield 10½%

By Paul A. Harris

St. Louis, Mo., Oct. 7 - Gazprom priced $500 million of putable notes due Oct. 21, 2009 (B+) Tuesday at par to yield 10½%, according to a market source.

Price talk was for a yield of 10¼%-10½%.

Credit Suisse First Boston and Salomon Smith Barney were joint bookrunners for the emerging markets offering.

The notes, which will be listed on the Luxembourg exchange, contain a one-time put on Oct. 21, 2005. They are issued through Salomon Brothers AG for the purpose of financing a loan to OAO Gazprom.

The issuer is a Russian gas company.

Issuer: OAO Gazprom

Amount: $500 million

Maturity: Oct. 21, 2009

Type: Putable notes

Bookrunners: Credit Suisse First Boston, Salomon Smith Barney (joint)

Coupon: 10½%

Price: Par

Yield: 10½%

Put: One time on Oct. 21, 2005

Listed: Luxembourg

Settlement date: Oct. 21, 2002

Ratings: Standard & Poor's: B+

Distribution: Regulation S only

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