Russia's Gazprom to proceed with euro tranche, drops dollar tranche

By Reshmi Basu and Paul A. Harris

New York, May 19 - OJSC Gazprom has cancelled the dollar-denominated portion of its dual tranche offering (Baa3/BB-/BB), according to market sources.

Instead Gazprom plans to issue €1 billion of 10-year loan participation notes on Friday. Price guidance has been set in the 6% area.

ABN Amro and Credit Suisse First Boston are running the Rule 144A/Regulation S deal, which will be issued through special purpose vehicle Gaz Capital SA.

The proposed offering is under Gaz Capital's $5 billion euro medium-term note program. Gazprom will guarantee the notes.

The Moscow-based company is the world's largest natural gas producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.