OJSC Gazprom Neft Reports Closing of the Order Book under Commercial Paper

Over the course of book building, applications were submitted by 67 investors, with coupon rates ranging between 6.00% and 7.50% annually. Overall demand during marketing amounted to R29 286 million.
Based upon the book building results, OJSC Gazprom Neft decided to set the coupon rate on the bonds at 7.15% annually. Given the market situation, cost of placement, coupon rates on the bonds and existing demand, OJSC Gazprom Neft has decided to satisfy 46 investor applications.
Settlements under the deal will take place upon bond placement on the MICEX Stock Exchange on April 13, 2010.
Deputy General Director of Economics and Finance at Gazprom Neft Vadim Yakovlev said “We are pleased that investors once again met Gazprom Neft’s commercial paper with interest, which means we have chosen the right strategy for our operations on debt capital markets.”
According to Andrei Sharonov, Head of Investment Banking at CJSC Troika Dialog Investment Company, the commercial paper issuance by OJSC Gazprom Neft elicited considerable interest among market participants, allowing the company to set the lowest coupon rate of all corporate debt placements with maturity under three years since the opening of the primary placements market in spring 2009.
The Lead Arranger of the offering is Troika Dialog.