Gazprom offers perpetual hybrid notes denominated in euros, dollars

By Rebecca Melvin

New York, Oct. 13 – PJSC Gazprom plans to price two tranches of perpetual hybrid notes of benchmark size, including one euro-denominated tranche and one dollar-denominated tranche (Ba1/BB/BB+), according to a pre-stabilization notice.

The notes are non-callable for 5.25 years.

Gazprom subsidiary Gaz Finance plc is issuing the paper under Rule 144A and Regulation S, and the notes are expected to be listed on Euronext Dublin exchange.

J.P. Morgan Securities plc, Gazprombank, Credit Agricole and Sberbank CIB are managers of the deal.

The natural gas producer is based in Moscow.

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