Gazprom places $600 mln in ECPs at 3.4%
MOSCOW. Sept 14 (Interfax) - Gazprom has placed $600 million in three-month euro commercial papers (ECP) at 3.4%, VTB the Russian gas monopoly said in a statement.
It was earlier reported that the gas concern plans to place an ECP tranche worth $500 million at 3.5%.
The company's total ECP program comes to $4 billion. The statement said that the program would allow Gazprom to have better management of liquidity and its short-term cash flows. The placement is an offer for western investors. UBS is the placement's organizer.
Gazprom ECP S.A. is the issuer of the ECPs.
Gazprom provides unconditional and irrevocable guarantees for the ECP.