NOVATEK Board of Directors approves rouble bond issue
OAO Novatek
NOVATEK’S BOARD OF DIRECTORS APPROVES ROUBLE BOND ISSUE
The Board of Directors of OAO NOVATEK (“NOVATEK” or the “Company”) today
has unanimously approved the regulatory filing and potential issuance of
interest-bearing, non-convertible, Russian rouble bonds (“RR bond”).
NOVATEK CEO, Leonid Mikhelson, noted that, “The Russian rouble bonds
increase the Company’s financing options, which now include the credit
markets and bank facilities. Our ability to access funds from a variety
of sources will allow NOVATEK to obtain the necessary financing, under
the best terms and conditions, thus enabling the Company to complete its
mid-term capital expenditure program, in line with its overall
development strategy.”
According to the issuing documents, the total maximum nominal value of
the Company’s RR bond offering is RR 30 billion, with a minimum series
of RR 5 billion. The prospectus is valid until NOVATEK issues the
maximum amount. The RR bond issue will be divided into four series with
values of RR 10 billion, RR 10 billion, RR 5 billion and RR 5 billion
each, which may be issued in any order or combination. The RR bond
series have a three-year maturity period and pay semi-annual coupons or
a total of six coupon payments. The placement of the RR rouble bonds
will take place at the Moscow Interbank Currency Exchange (“MICEX”)
after the registration of the prospectus.
“The regulatory filing of this Russian rouble 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. We will continue to diversify our
sources of funding and extend our credit maturity profile to better
match our capital development program.” according to Mark Gyetvay,
NOVATEK’s Chief Financial Officer. NOVATEK will issue the RR bond series
as necessary for general corporate purposes.
Organizers of the RR bond issuance are CJSC “Investment Company “Troika
Dialog” and OJSC Gazprombank.
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For further information, please visit www.novatek.ru
or contact:
OAO NOVATEK is Russia’s largest independent gas producer and the
second-largest natural gas producer in Russia. Founded in 1994, the
Company is engaged in the exploration, production, processing and
marketing of natural gas and liquid hydrocarbons. The Company’s upstream
activities are concentrated in the prolific Yamal-Nenets Region, which
is the world's largest natural gas producing area and accounts for over
90% of Russia's natural gas production and 20% of the world’s gas
production. NOVATEK is an open joint stock company established under the
laws of the Russian Federation. The Company’s shares are listed on the
Russian Trading System (RTS) and the London Stock Exchange (LSE) under
the ticker symbol ‘NVTK’ and on the NASDAQ PORTAL System as Rule 144A
GDR under the ticker symbol “NVATY”.
