The Tyumen Oil Company (TNK) has completed an additional placing of type-S Eurobonds. According to TNK's press office, the volume of the additional issue was USD 300 million, with an issue price of 105.75% of the nominal and a yield of 9.46%.
The original issue of 5-year Eurobonds was placed by the oil company in November 2002. The Eurobonds were valued at USD 400 million, with a yield of about 11% and are redeemable in 2007. The additional issue of type-S Eurobonds will be combined with the original placing 40 days after the deal was completed, thus increasing the overall value of the Eurobonds to USD 700 million.
The press office revealed that Credit Suisse First Boston and Schroder Salomon Smith Barney acted as managers of the issue and organisers of the syndicate for the deal. The Eurobonds were given a Ba3 rating by Moody's and a B+ rating by Fitch and Standard & Poor's.
Turkish President Recep Erdogan should have thought twice before saying that Turkey was not recognising Crimea as Russian territory. He should not have said that