Gazprom Launches Bond Issue

On Wednesday Gazprom placed ruble-denominated Series A9 bonds for the amount of RUR 5 billion with a face value of RUR 1,000 and a 7-year maturity.

The coupon yield payable every 182nd day for Series A9 was set at 7.23 percent as a result of contest at the Moscow Inter-Bank Currency Exchange. Investors placed bids for the total sum of over RUR 9 billion.

The bond issue was arranged by Renaissance Capital Investment Group and Rosbank, with Horizon Investment Company serving as co-arranger and Federal Fund Corporation acting as financial consultant.

The funds raised are intended to finance capital expenditures, implement new promising projects of Gazprom, refinance the Company's short-term debt and optimize the corporate loan portfolio structure.

Gazprom first placed its Series A1 RUR 3 billion bonds in July 1999, with the second placement of the A2 RUR 5 billion bonds taking place in November 2002. On February 3, 2004, Gazprom placed the A3 RUR 10 billion bonds. The A5 RUR 5 billion bonds were placed in October 2004, with the A4 and A6 bonds, each worth RUR 5 billion, floated in February and August 2005, respectively.

On September 28, 2006, the Federal Financial Markets Service registered the Gazprom A7, A8 and A9, each worth RUR 5 billion, bond issues with a maturity of 3, 5 and 7 years, respectively. The issue of Gazprom's A7 and A8 bonds with 3 and 5 years maturities took place on November 2, 2006.

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