Gazprom to place additional 'substitute' bonds to replace 2027 Eurobond in dollars, 2024 Eurobond in pounds

MOSCOW. Feb 15 (Interfax) - Gazprom Capital will place additional issues of local bonds in dollars and British pounds in order to replace the outstanding Eurobonds of Gazprom maturing in 2027 and 2024, respectively, according to the company's disclosures.

The number of placed bonds could be up to 445,599 units at a par value of $1,000 each for the additional dollar-denominated issue; and the number of placed bonds could be up to 556,401 units at a par value of 1,000 pounds each for the additional British-pound-denominated issue. Consequently, the highest volume of the additional placement could be $445.599 million and 556.401 million pounds that corresponds to the volume of Gazprom's outstanding Eurobonds after the company held the first round to replace these issues last year.

Payment for the bonds during the placement will be remitted in Eurobonds, whose rights are accounted in Russian depositories. Meantime, settlements on the securities will be remitted in rubles at the exchange rate of the Central Bank of Russia (CBR) on the date of the respective payments.