15 Jul 2009 12:54

Gazprom Neft announces 3-yr offer to buy back 8 bln rubles in bonds

MOSCOW. July 15 (Interfax) - OJSC Gazprom Neft has announced a three-year offer for the preterm buyback of its third series bond issue worth 8 billion rubles, which is currently placed for book building.

The company said that rate of the issues' coupon two through six are equal to the first coupon.

Investors had the right to request the issuer to acquire the bonds in the last five days of the sixth coupon. The acquisition takes place on the fifth working day of the seventh coupon period.

On July 8, Gazprom Neft opened the bid book for 8 billion rubles in bonds. The issues organizers are Renaissance Capital and Gazprombank.

The corridor of the coupon rate comes to 15%-15.75%, which equals an offer yield at 15.56%-16.37%.

The bid book will close on July 17. The rate of the coupon will be announced no later than 8:00 pm Moscow time that day. The placement on the MICEX is tentatively planned for July 21.

The seven-year bonds have 14 semi-annual coupons.

The company placed its fourth bond issue worth 10 billion rubles in mid-April 2009. The rate of the coupon was set at 16.7%. The offer for preterm buyback is two years following the placement. Total demand for the bonds came to around 20 billion rubles.