Russia's Novatek gets board OK to sell RUB 30 billion three-year bonds

By Angela McDaniels

Tacoma, Wash., Sept. 22 - OAO Novatek's board of directors has approved a proposed issuance of RUB 30 billion of three-year bonds, according to a company news release.

The issue will be divided into four series with values of RUB 10 billion, RUB 10 billion, RUB 5 billion and RUB 5 billion each, which may be issued in any order or combination.

The company said it will issue the bonds as necessary for general corporate purposes.

The managers for the bonds are CJSC Troika Dialog and OJSC Gazprombank.

"The regulatory filing of this Russian ruble bond prospectus accords us the flexibility to procure additional medium-term financing at competitively attractive rates as well as optimizing the currency exposure of our credit portfolio," chief financial officer Mark Gyetvay said in the release. "We will continue to diversify our sources of funding and extend our credit maturity profile to better match our capital development program."

Novatek is an independent gas producer based in Tarko-Sale, Russia.

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