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.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.