Gazprom Places on Market USD 500 Million Worth of Eurobonds

According to the press service of Gazprom, Russia's largest gas company has successfully placed on the markets USD 500 million worth of Eurobonds. The bonds paying 10.5% APR will mature in 7 years, unless optionally cancelled after 3 years.

The issue is underwritten by the Credit Suisse First Boston and Schroeder Salomon Smith Barney banks. The money secured through the selling of the bonds will pay for surface construction at the company's Zapolyarnoye (Polar) field and for the construction and maintenance of the technological elements of the Unified Gas System.

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