By Rebecca Melvin
New York, Oct. 27 – PJSC Gazprom subsidiary Gaz Finance plc placed $2.58 billion equivalent of perpetual subordinated series 5 notes (Ba1/BB/BB+) in two currencies, according to notices with the London Stock Exchange.
The notes are non-callable for 5.25 years.
The €1 billion euro tranche priced at a spread of 190 basis points over the benchmark security, and the $1.4 billion dollar tranche priced at 180 bps over the benchmark.
The company said the deals, which priced under the company’s €30 billion loan participation note issuance program, saw investor demand that exceeded $7.4 billion. In the final order book, European investors accounted for 33% of the dollar issue and 52% of the euro issue.
Bank GPB International SA, J.P. Morgan Securities plc, Credit Agricole CIB and Sberbank CIB (UK) Ltd. were joint lead managers and bookrunners of the Rule 144A and Regulation S notes, which are expected to be listed on Euronext Dublin exchange.
The proceeds will be used for general corporate purposes including debt refinancing.
The oil and natural gas producer is based in Moscow.
| Issuer: | Gaz Finance plc
|
| Guarantor: | PJSC Gazprom
|
| Issue: | Subordinated notes (Series 5)
|
| Amount: | $2,575,000,000 equivalent
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank GPB International SA, J.P. Morgan Securities plc, Credit Agricole CIB and Sberbank CIB (UK) Ltd.
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody’s: Ba1
|
| S&P’s: BB
|
| Fitch: BB+
|
|
|
| Tranche one
|
| Amount: | €1 billion
|
| Spread: | 190 bps
|
|
|
| Tranche two
|
| Amount: | $1.4 billion
|
| Spread: | 180 bps over
|
|
|
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