Gazprom to register bond issue soon

The Russian gas giant Gazprom has sent documents to the Federal Securities Commission for the registration of a three-year issue of RUR10bn ($330.61m) in bonds, sources in Gazprom told RBC. As reported earlier, on June 30, 2003, Gazprom's Board of Directors decided to float bonds. The cost of flotation will be set at an auction on the flotation's starting date. The coupon rate will amount to 4 percent. The minimal flotation cost will be 94.69 percent, and the yield to maturity will come to 10.5 percent annually. The issue will be done by public subscription on the Moscow Interbank Currency Exchange (MICEX). The attracted funds will be used for capital investments and financing the company's short-term liabilities.

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