Russia's Gazprombank wraps tender for floaters, 6½% loan participation notes

By Jennifer Chiou

New York, Jan. 30 - OJSC Gazprombank announced that it accepted tenders for $42.55 million of its $700 million of floating-rate loan participation notes due April 4, 2010 and $39.34 million of its $1 billion of 6½% loan participation notes due Sept. 23, 2015.

The modified Dutch auction offer for up to $300 million total of the notes ended at 10 a.m. ET on Jan. 29. It began on Jan. 23.

For each $1,000 principal amount, the bank said that it paid $880 for the floaters and $650 for the 6½% notes. It also paid accrued interest.

Gazprombank previously noted that at current market levels, its notes represent an attractive investment opportunity, adding that it planned to use part of its cash balance for the repurchase.

Tendered notes were accepted starting with the lowest offer price for each of the notes and were accepted up to the actual purchase price, which as stated, for each $1,000 principal amount, was $880 for the floaters and $650 for the 6½% notes.

Credit Suisse was the dealer manager (44 20 7883 6748). Citibank NA, London Branch was the tender agent (44 20 7508 3867).

Gazprombank is a Moscow-based joint-stock bank of the gas industry and a subsidiary of Russian energy giant Gazprom.

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