JSC Gazprom Neft in $1.5 Billion Regulation S/144A Debt Offering

September 19, 2012

Cleary Gottlieb acted as Russian, English and U.S. counsel to JSC Gazprom neft in connection with a Rule 144A/Regulation S offering of $1.5 billion 4.375% loan participation notes due in 2022 under its $10 billion MTN programme. The offering closed on September 19.

The notes were issued by GPN Capital S.A., a Luxembourg orphan vehicle, to finance loans to JSC Gazprom neft. The notes are listed on the Irish Stock Exchange and are rated “Baa3” by Moody’s and “BBB-“ by Standard & Poor’s. The Base Prospectus Supplement prepared in connection with the offering was approved by the Central Bank of Ireland on August 28. Credit Agricole, J.P. Morgan and Gazprombank acted as the joint lead managers for the offering.

JSC Gazprom neft is Russia’s fifth largest producer of oil and third largest refiner of oil and oil products, with 2011 revenues of $44 billion. Prior to its 2005 acquisition by Gazprom, it was known as Sibneft.