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Transneft Places Eurobonds for $1.3 Billion
Transneft placed Eurobonds for $1.3 billion. The earning power of seven-year indicative Eurobonds is about the average-market swaps plus 55 basis points, said a source close to the deal.
The earning power mark made up the average-market swap points plus 60 basis points, (ñ) Reuters reported.
The deal’s lead-managers are Credit Suisse and Goldman Sachs banks. Transneft planned to invest the earnings of the placing into financing the Eastern Siberia - Pacific Ocean Pipeline.
Transneft is a Russian oil pipeline monopoly and the major world pipeline company. It owns 48,708 kilometers of long-distance pipelines. The state has 75 percent of shares (100 percent of votes), and the privileged shares belong to private shareholders. The company plans to export about 260 million metric tons of oil in 2006.
Transnefteprodukt company, 100 percent state-owned, includes 10 transporting enterprises, 8 in Russia, and 2 in Ukraine and Belarus. The enterprises are the subsidiaries of Yugo-Zapad Transnefteprodukt, 100 percent of its shares belong to Transnefteprodukt.
Transneft’s registered capital is 6,219,502 rubles. It is divided into 4,664,627 common shares and 1,554,875 privileged shares with nominal value of 1 ruble.
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