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Gazprom Neft said Friday that it was selling 10 billion rubles ($299 million) of bonds in its debut offering of domestic debt.
The 10-year notes, which will be listed on the MICEX on Tuesday, have a coupon of 16.7 percent and a put option giving bondholders the right to redeem the notes after two years, Gazprom's oil unit said in a statement.
The sale, managed by Renaissance Capital and Gazprombank, is the oil company's first in rubles. Gazprom Neft has $5.8 billion of loans outstanding, including $1.5 billion due this year.
Gazprom Neft said it would use the proceeds for "general corporate purposes." The company received orders for 25 billion rubles of bonds from investors, it said.
Ruble bond sales fell 51 percent in the first quarter to 43.5 billion rubles from 88.9 billion rubles in the same period in 2008.
Gazprom Neft Plans $299M Bond
20 April 2009
Bloomberg
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