6 Aug 2009 16:36

Demand for Lukoil bonds tops 65.85 bln rubles

MOSCOW. Aug 6 (Interfax) - Demand for 25 billion rubles in exchange bonds being offered by Lukoil exceeded 65.85 billion rubles, the oil company said.

The order books for the five individual tranches of exchange bonds closed on August 5. Lukoil said it had received 126 offers ranging from 12.3% to 14.5% per annum.

The bond issues are numbered BO-01, BO-02, BO-03, BO-04 and BO-05. They mature in 1,092 days and the coupon period is 182 days. Coupon yield for all issues is 13.35% annually.

Troika Dialog is arranging the placement.

The bonds will be traded on the market from August 10. Lukoil said this would be the biggest ever placement of ruble-denominated debt instruments on the MICEX Stock Exchange.

Lukoil placed series 18, 19 and 20 in 12-month notes (BO-18, BO-19 and BO-20) on the exchange on June 23, setting a coupon rate of 13.5% for all of them. The coupon will be paid once the bonds mature.

The company will use the proceeds to fund acquisitions.

Lukoil also has conventional ruble-denominated bonds outstanding: series two worth 6 billion rubles, maturing November 2009; series three, 8 billion rubles, to December 2011; and series four, 6 billion rubles, to December 2013.