Novatek Bonds Raise $1.25B

摘要

Top private Russian gas producer No- vatek has raised $1.25 billion in a two- tranche eurobond designed to finance an acquisition spree. Novatek will pay a 5.32% annual coupon on the first, five-year tranche of the dollar- denominated bonds, which is worth $600 million. The second 10-year tranche, total- ing $650 million, will pay a 6.6% coupon. Analysts said the notes were fairly priced. They added that investors appeared interest- ed in Novatek as a means of diversifying their exposure to the Russian oil and gas sec- tor. “The bonds of Gazprom and TNK-BP underperformed in the broader market as likely investors were preparing for the No- vatek allocation,” analysts at Moscow bro- kerage VTB Capital said.