Events
.
Corporate
Social Responsibility and Investor’ Community
Dow Jones, Citi’s DR, Horizon CF and
Association of Investor Relations
professionals ("OSSI") are having pleasure in inviting you to
a round table devoted to Corporate Social Responsibility and
the
perception of CSR issues by investor community.
There is significant and
growing amount of
funds under management of
“socially responsible funds”. Research in
sustainability, corporate social
responsibility as well as CSR reporting are becoming an industry. What
socially
responsible investors are expecting from a company for it to be deemed
“investible” is turning into a practical question.
The round-table participants
will address topics ranging from the global trends in
responsible/sustainable
investing to practical aspects of CSR reporting.
The
event will be of interest to IR, PR and corporate governance
professionals, both in-house and consultants.
Date: 20 October 2010
Time: 2
- 6 p.m.
Venue:
Daev-Plaza, Daev lane, 20 (see map attached), Moscow
Registration: vorobyova@ossi.ru or
8-926-5212570 Irina Vorobyova
Attendance
is free by invitation
Agenda
2-2.10
p.m. - OSSI introductory
speech, Alexander Goldin
2.10
– 2.30 - “Map
of responsibly
investing universe”, Evan Bernstein, IPREO
2.30-2.50 p.m. -
«Quality of
Disclosure», Natalya Khonyakova
2.50-3.10 p.m. -«Sell side’s approach to
CSR”, Diane
Faulks, EMEA Head IR Advisory, Citi Depository Receipt
Services
3.10 -3.30p.m.- “Informational
needs of Investor’ Community”, Dmitry Korshunov,
Dow Jones
3.30
-4.10 p.m. – coffee break
4.10-
4.30 p.m. –Case study of a Russian company’s CSR
report, Elena
Dolgikh, Nornikel
4.30-4.50
p.m. –“Criterions of Assessment of CSR reports by
International Auditors”, Alisa Vasilieva, Ernst &
Young
4.50-17.30
– Q&A
The
event will be moderated by Alexander Goldin, Adviser
to Director for ECM and M&A, RusHydro.
Horizon acted as Financial Advisor to OAO Gazprom on
placement of the eighth and ninth tranches of loan participation notes
under the EMTN Program of OAO Gazprom
On 6 March 2007 OAO Gazprom issued loan participation
notes in the amount of Euro 500 million, due 2017 and loan
participation notes in the amount of USD 1.3 billion, due 2022. The
notes of both tranches were issued at par. Notes nominated in Euro have
a 5.44% annual coupon, and notes nominated in USD have a 6.51% annual
coupon. Credit Suisse Securities (Europe) Limited and Morgan Stanley
& Co. International Limited acted as Joint Lead Managers.
Horizon acted as Financial Advisor to OAO Gazprom during this
transaction.
Horizon acted as Financial Advisor to OAO Gazprom on
placement of the tenth and eleventh tranches of loan participation
notes under the EMTN Program of OAO Gazprom
On May-June 2007 OAO Gazprom issued loan participation
notes in the amount of Euro 700 million, due 2017 and loan
participation notes in the amount of ? 800 million, due 2022. The notes
of both tranches were issued at par. Notes nominated in Euro have an
annual coupon of 5.364%, and notes nominated in Pounds have an annual
coupon of 6.580%. ABN Amro Bank NV and Societe Generale as Joint Lead
Managers for the tranche in Euro. ABN Amro Bank NV and Morgan Stanley
& Co. International Plc acted as Joint Lead Managers for the
tranche in Pounds. Horizon acted as Financial Advisor to OAO Gazprom
during this transaction.
Horizon acted as Financial Advisor to OAO Gazprom on
placement of the tenth and eleventh tranches of loan participation
notes under the EMTN Program of OAO Gazprom
On August 2007 OAO Gazprom issued loan participation
notes in the amount of of USD 1.25 billion, due 2037. The notes were
issued at par. Notes have an annual coupon of 7.288%. ABN Amro Bank NV
and Morgan Stanley & Co. International Plc acted as Joint Lead
Managers for the tranche. Horizon acted as Financial Advisor to OAO
Gazprom during this transaction.
Horizon acted as Financial Advisor to OAO Gazprom on
placement of the twelfth tranche of loan participation notes under the
EMTN Program of OAO Gazprom
On October 2007 Gazprom placed € 1,200,000,000
of loan participation notes due February 13, 2018. The Notes were
priced at par and have an annual coupon of 6.605%. Citigroup Global
Markets Limited and Soci?t? G?n?rale acted as joint bookrunners with
respect to the Notes. Horizon acted as Financial Advisor to OAO Gazprom
during this transaction.
Horizon acted as Financial Advisor to OAO Gazprom on
placement of the tenth and eleventh tranches of loan participation
notes under the EMTN Program of OAO Gazprom
On October OJSC Gazprom placed benchmark issues of Yen
20 billion of loan participation notes due 15th of November, 2010 and
Yen 30 billion of loan participation notes due 15th of November, 2012.
The loan participation notes were priced at par. The notes due 15th of
November, 2010 have an annual coupon of 2,63%, and the notes due 15th
of November, 2012 have an annual coupon of 2,89%. Nikko Citigroup and
Mizuho International plc acted as joint bookrunners with respect to the
notes. Horizon acted as Financial Advisor to OAO Gazprom during this
transaction.
Horizon investment company improved its position in the
Rating of most profitable Russian brokerage companies, produced by
economic weekly journal "Commersant MONEY" from No 21 as of the end of 2005 to No 9 as of the end of 1Q2006.
We are 10 years old
In February, this year, we are 10 years from the
foundation of "Horizon" Company. Since then we have accumulated a
unique experience and expertise of in financial markets advisory and
communication with the clients from different industries. A high
potential of our Company will be further utilized to the benefits of
our clients allowing us to provide effectively a wide range of
financial services to them.
On February, 18 we start running an English version of
"Horizon" company's Web-Site
Horizon acted as Financial Advisor for OAO Gazprom
during the bond issue to restructure the Blue Stream project financing
OAO Gazprom placed two tranches of Eurobonds under Rule
144A for a total amount of USD 1.9 billion.
The borrowings were made to refinance the credits
obtained in 1993-2000, that were due in 2013. The credits were obtained
by OAO Gazprom and the Blue Stream Pipeline Company B.V. project
company (BSPC B. V.) to provide financing for the Blue Stream project,
as well as by OAO Gazprom to purchase equipment from the Tragas (Italy)
to upgrade the Russian gas pipeline system.
SACE S.p.A (Italy), a state-owned export credit agency,
acted as Guarantor for one of the tranches in this transaction.
Deutsche Bank and MCC (Italy) acted as Lead-Managers and
Underwriters for the issues.
The bonds were listed on the Irish Stock Exchange.
The purpose of refinancing the credits obtained by
Gazprom and BSPC B.V. was to reduce the cost of borrowing and to free
up export revenues obligated under one of Gazprom's contracts for the
supply of gas to foreign markets.
Horizon acted as Financial Advisor for OAO Gazprom
during the placement of the third tranche of Eurobond issue under
Gazprom's EMTN Program
On 20 May 2005, OAO Gazprom placed a new bond issue in
the amount of €1 billion. The Eurobonds were issued under Rule
S/144A with a 10-year maturity. That issue was a third tranche under
the EMTN program for a total amount of USD 5 billion. Horizon acted as
Financial Advisor for OAO Gazprom during this transaction.
The bonds were placed at par with a 5,875% coupon with a
provision for a one-time annual payment. ABN AMRO and Credit Suisse
First Boston acted as Joint Lead-Managers on the issue.
The bonds were placed among investors in Europe, the
United States and Asia.
Internet version presentation of the Russian Corporate
Governance Scorecard
On 18 February 2005, the Ministry of Economic
Development and Trade of the Russian Federation was the venue for an
Internet version presentation of the Russian Corporate Governance
Scorecard (RCGS), developed by the Guild of Investment and Financial
Analysts (GIFA).
The system allows its users to verify on-line whether
joint stock companies comply with the generally accepted norms of
corporate governance, as reflected in the documentation of
international organizations, Russian legislation and the Corporate Code
of Conduct. The on-line version is freely available on GIFA's web site.
The working group to develop the Russian Corporate
Governance Scorecard was chaired by Horizon's Deputy General Director
Oxana Bestujeva.
Horizon acted as Co-Lead Manager during the placement
of OAO Gazprom's 5 billion ruble-denominated A4 Series bond issue
On 16 February 2005, OAO Gazprom conducted a successful
placement of ruble-denominated Series A4 bonds in the amount of RUR 5
billion with a par value of RUR 1,000 and a 5-year maturity.
The coupon rate payable once every 182 days was
calculated based on the results of an auction held at the MICEX Stock
Exchange and was set at 8.22 percent annually. Investors submitted 98
orders for the amount of RUR 10,310,500,000.00. As a result of the
auction, 77 orders were filled.
Renaissance Capital Investment Group and Rosbank acted
as Arrangers during the borrowing. Horizon Investment Company and
United Financial Group served as Co-Arrangers during this transaction
with OAO Federal Stock Corporation acting as Financial Advisor.
The funds raised were channeled to finance the capital
investment projects required to maintain the current level of
production capacity, to implement new promising projects as well as to
refinance short-term borrowings and to optimize the structure of the
debt portfolio.
In 2003-2004, Horizon acted as Consultant for Sumitomo
Corporation
Horizon acted as Consultant for Sumitomo Corporation and
provided assistance to it by advising the company on existing business
opportunities and projects in the Russian Federation. Horizon provided
Sumitomo a full range of consulting services relating to the supplies
of equipment to Russian companies and raising financing for these
deals.
As a result, a project was implemented to raise
financing for the purchase of technological equipment for scientific
research and production company OAO Saturn for a total amount of USD 60
million for the period 2003-2008.
Horizon acted as Financial
Consultant for Wintershall AG on the joint project to develop Site 1 of
the Achimov deposits of the Urengoy gas and gas condensate field
On 23 December 2004, a set of basic documents was signed
among OAO Gazprom, Urengoygazprom, Wintershall AG and Achimgaz for
joint development of Site 1 of the Achimov deposits of the Urengoy gas
and gas condensate field
The documents were signed as a follow-up to the
Framework Agreement among OAO Gazprom, OOO Urengoygazprom and
Wintershall AG, and the Agreement on the Strategic Development between
OAO Gazprom and BASF AG. The signed documents comprised the Basic
Agreement defining the general principle of cooperation, the structure
of the project, the financing scheme, the procedure for the sale of the
hydrocarbon natural resources to be extracted and other modalities
defining the relations among the parties.
The signing of the set of documents by the Russian and
German parties marked the end of the first stage of the project,
namely, the completion of detailed engineering work, and thereby
signified a transition to the implementation of its second stage, i.
e., the pilot stage of industrial operation. The project was to be
implemented on parity basis by OOO Achimgaz, OOO Urengoygazprom that
has been created, and Wintershall AG.
The initial amount of the project investments amount to
USD 700 million. Under the plan, over the entire period of Site 1
development (43 years), 200 billion cubic meters of gas and 40 million
tons of condensate will be produced. During the period of steady
production 8.3 billion cubic meters of gas and 2.8 tons of condensate
will be produced annually.
Horizon acted as Financial Consultant to Wintershall AG
during the preparation of this transaction, specifically, during the
elaboration of the financing scheme, the business model and in
addressing other issues that arose as the parties were discussing the
set of the basic documents.
Horizon acted as Financial Advisor for OAO North
Western Power Plant
Horizon acted as Financial Advisor for OAO North Western
Power Plant during the issuance of the third tranche of the company's
shares that were distributed by way of an open subscription registered
in the Federal Financial Markets Service (FFMS) on 14 December 2004.
Horizon acted as Financial Advisor for the open joint
stock company Agency for Housing Mortgage Lending (AHML) during the
placement of its Series A3 bond issue
On 9 November 2004, FFMS registered the
issuance of Series A3 non-convertible secured coupon bonds with
mandatory centralized custody of the open joint stock company Agency
for Housing Mortgage Lending (AHML) distributed by way of an open
subscription.
Main parameters of the issue:
Series 3
documentary coupon bearer bonds with mandatory centralized custody
- number of securities in the issue: 2,250,000.00
(two million two hundred thousand),
- nominal value of each security in the issue: RUR 1,000.00 (one
thousand),
- total size of the issue (at nominal value): 2 250 000 000 RUR
2,250,000,000.00 (two billion two hundred and fifty million).
- maturity
- the first 30 percent of the nominal value of the bonds - 15 April
2008.
- the second 30 percent of the nominal value of
the bonds - 15 April 2009.
- the remaining 40 percent of the nominal value
of the bonds - 15 October 2010.
- coupon
payment dates - 15 January, 15 April, 15 July and 15 October of each
year.
- the interest rate for the first coupon is set on the basis of an
auction to determine the rate of the first coupon as an annual interest
payment on the date of the placement of the bonds. The interest rate of
the coupon income for all subsequent coupons is equal to the interest
rate of the coupon income of the first coupon.
The issue was awarded state registration number 4-03-00739-А.
The initial placement took place on 2 December 2004 in the Stock Market
Section of the Moscow Interbank Currency Exchange (MICEX). The coupon
rate determined at an auction was set at 9.4 percent annually.
Vnesheconombank, Vneshtorgbank and
Renaissance Capital acted as Arrangers on this loan.
The bonds of the issue were secured by a
state guarantee of the Russian Federation dated 24 September 2004
providing for payment of parts of the nominal value at the repayment of
the relevant parts of the nominal value of the Bond and the coupon
income in the amount of RUR 3.6 billion.
Horizon acted as Co-Lead Manager during the placement
of OAO Gazprom's 5 billion ruble-denominated A5 Series bond issue
On 12 October 2004, OAO Gazprom conducted a successful
placement of ruble-denominated Series A5 bonds in the amount of RUR 5
billion with a par value of RUR 1,000.00 and a 5-year maturity.
The coupon rate payable once every 182 days was
calculated based on the results of a tender at the MICEX Stock Exchange
and was set at 7.58 percent annually. Investors submitted 120 orders
for the amount exceeding RUR 9 billion. As a result of the auction, 73
orders were filled.
Renaissance Capital and OAO Rosbank acted as Arrangers
on the borrowing. And OAO Rosbank. ZAO Horizon Investment Company and
United Financial Group served as Co-Arrangers during this transaction
with OAO Federal Stock Corporation acting as Financial Advisor.
The funds raised were intended to be channeled to
finance the capital investment projects required to maintain the
current level of production capacity, to implement new promising
projects as well as to refinance short-term borrowings and to optimize
the structure of the debt portfolio.
Horizon acted as Co-Lead Manager on OAO Gazprom's
ruble-denominated Series A4, A5 and A6 bond issues
On 19 November 2004, FFMS registered the issuance of OAO
Gazprom's Series A4, A5 and A6 documentary interest-earning
non-convertible bearer bonds with mandatory centralized custody,
distributed by way of an open subscription.
Main parameters of the issues:
Series 4 documentary interest-earning non-convertible
bearer bonds with mandatory centralized custody
- number of securities in the issue: 5,000,000.00 (five million)
securities,
- nominal value of each security in the issue: RUR 1,000.00 (one
thousand),
- total size of the issue (at nominal value): RUR 5,000,000,000.00
(five billion).
- maturity date - 1,820th day since the date of the placement.
- the bonds provided for the payment of 10 coupons. The duration of
each coupon period was 182 days.
- the interest rate for the first coupon was set on the basis of an
auction to determine the rate of the first coupon as an annual interest
payment as of the date of the placement of the bonds. The interest rate
of the coupon income for the second-tenth coupons was equal to the
interest rate of the coupon income of the first coupon.
The issue was awarded state registration number 4-04-00028-А.
Series 5 documentary interest-earning non-convertible
bearer bonds with mandatory centralized custody
- number of securities in the issue: 5,000,000.00 (five million)
securities,
- nominal value of each security in the issue: RUR 1,000.00 (one
thousand),
- total size of the issue (at nominal value): RUR 5,000,000,000.00
(five billion).
- maturity date - 1,092th day since the date of the placement.
- the bonds provided for the payment of 6 coupons. The duration of each
coupon period was 182 days. - the interest rate for the first coupon
was set on the basis of an auction to determine the rate of the first
coupon as an annual interest payment as of the date of the placement of
the bonds. The interest rate of the coupon income for the second-sixth
coupons was equal to the interest rate of the coupon income of the
first coupon.
The issue was awarded state registration number 4-05-00028-А.
Series 6 documentary interest-earning
non-convertible bearer bonds with mandatory centralized custody
- number of securities in the issue: 5,000,000.00 (five
million) securities,
- nominal value of each security in the issue: RUR 1,000.00 (one
thousand),
- total size of the issue (at nominal value): RUR 5,000,000,000.00
(five billion).
- maturity date - 1,456th day since the date of the placement.
- the bonds provided for the payment of 8 coupons. The duration of each
coupon period was 182 days.
- the interest rate for the first coupon was set on the basis of an
auction to determine the rate of the first coupon as an annual interest
payment as of the date of the placement of the bonds. The interest rate
of the coupon income for the second-eighth coupons was equal to the
interest rate of the coupon income of the first coupon.
The issue was awarded state registration number 4-06-00028-А.
The primary placement of one of the registered issues of the bonds was
planned for the fall of 2004 and was expected to be carried out in the
form of an open subscription at the Moscow Interbank Currency Exchange.
OAO Joint Stock Commercial Bank Rosbank and Renaissance Capital were
selected to serve as Managers of this issue with the Federal Stock
Corporation acting as Financial Advisor.
Horizon acted as Advisor on OAO Gazprom's USD 1.25
billion secured bond issue
On 29 July 2004, OAO Gazprom issued Eurobonds secured by
export earnings in the amount of USD 1.25 billion with a 7.201 percent
annual yield.
Merrill Lynch acted as Lead Manager on this placement;
ABN Amro and Morgan Stanley were the joint underwriters during the
transaction with Horizon acting as Advisor for the deal.
With full maturity of the issue set at 15.5 years, on
average, the securities were to be outstanding for 7.41 years. The
Eurobonds would be amortized and payment on the principle amount would
commence during the third year after the placement (the grace period
would amount to 2 years).
The bonds would be secured by the earnings from OAO
Gazprom's sales of gas to the Italian company Eni and the Dutch company
Gasunie.
Standard & Poor's and Fitch rating agencies
awarded Gazprom's secured bonds a preliminary investment rating of
BBB-.
A special purpose vehicle (SPV) - Gazprom International
SA - was registered in Luxembourg to facilitate the placement of the
Eurobonds.
Horizon acted as Financial Advisor to OAO Gazprom
during the placement of the second tranche of Eurobond borrowing under
Gazprom's EMTN Program
On 23 April 2004, OAO Gazprom came out with a placement
of 30-year Eurobonds in the amount of USD 1,2 billion with a 10-year
prepayment offer. The coupon rate for the issue was set at 8 5/8. CSFB
and Deutsche Bank acted as Co-Lead Managers on the transaction. Horizon
acted as Financial Consultant for the deal.
The book was oversubscribed 2.5 times. According to the
analysts at UFG, the successful placement of this long-maturity
instrument against the background of highly volatile interest rates
globally and the expected imminent increase of the interest rates in
the U.S. could be explained by the prepayment option offered as part of
the transaction (many investors viewed these bonds as 10-year
instruments). Furthermore, with their high credit standing, Gazprom's
securities temporarily filled the niche freed up by the sovereign bonds
that were not being issued by the Russian Federation at that time.
Horizon acted as Financial Advisor to the open joint
stock company Agency for Housing Mortgage Lending (AHML) during the
placement of its Series A2 bond issue
On 13 November 2004, the Federal Commission for the
Securities Markets (FCSM) registered the issuance of Series A2
non-convertible documentary interest-earning (coupon) bearer bonds with
mandatory centralized custody by the open joint stock company Agency
for Housing Mortgage Lending (AHML) distributed by way of an open
subscription.
Main parameters of the issue:
Series A2
non-convertible documentary interest-earning (coupon) bearer bonds with
mandatory centralized custody
- number of
securities in the issue: 1,500,000 (one million five hundred)
securities,
- nominal value of each security in the issue: RUR 1,000.00 (one
thousand),
- total size of the issue (at nominal value): RUR 1,500,000,000.00 (one
billion five hundred million).
-
maturity date - 1 February 2010,
- Coupon payment dates - 1 August and 1 February of each year,
- the interest rate for the first coupon was set on the basis of an
auction to determine the rate of the first coupon as an annual interest
payment as of the date of the placement of the bonds. The interest rate
of the coupon income for all subsequent coupons was equal to the
interest rate of the coupon income of the first coupon. The issue was
awarded state registration number 4-02-00739-А.
The primary placement took place on 25 May 2004 in the
Stock Market Section of the Moscow Interbank Currency Exchange (MICEX).
The coupon rate determined at an auction was set at 11 percent
annually. Effective yield to maturity (at the time of the placement)
amounted to 11.3 percent annually.
Vnesheconombank, Vneshtorgbank and Renaissance Capital
acted as Arrangers for this loan.
The bonds of the issue were secured by a state guarantee
of the Russian Federation providing for the payment of the nominal
value and the coupon income in the amount of RUR 2.5 billion.
AO Horizon acted as Co-Lead Manager during the
placement of OAO Gazprom's 10 billion ruble-denominated A3 Series bond
issue
On 3 February 2004, OAO Gazprom conducted a successful
placement of ruble-denominated Series A3 bonds in the amount of RUR 10
billion with a par value of RUR 1,000.00 and a 3-year maturity. The
bonds provided for the payment of a coupon at 4 percent of the nominal
value payable every 180 days.
Based on the results of an auction at the Moscow
Interbank Currency Exchange, the price of the issue was set at 100.69
percent of the nominal value which translated into an effective yield
to maturity rate of 8 percent. Investors submitted 326 orders for the
amount exceeding RUR 15,88 billion. In the course of the auction 207
orders were filled which was four times the number of ordered filled at
the time of OAO Gazprom's placement of Series A2 bonds in 2002. This
indicated that the company managed to diversify its investor base quite
considerably.
OAO Industry Construction Bank and Renaissance Capital
Investment Bank acted as Managers for the issue with Horizon acting as
Co-Manager.
The following companies formed a syndicate of
underwriters for the issue: Bank of Moscow, Vneshtorgbank, Deutsche
Bank, Drezdner Bank, MDM Bank, Reiffaisenbank (Austria), Rosbank and
TransCreditBank.
The following companies acted as co-underwriters for the
transaction: J.P. Morgan International, Zenith Bank, International
Moscow Bank, Citibank, Web-Invest Bank, and North-Eastern Alliance
Bank.
Horizon acted as
Financial Advisor for OAO Gazprom on the program to issue loan
participation notes (EMTN) for the total amount of up to USD 5 billion
On 16 September 2003, OAO Gazprom placed and priced a
new bond issue in the amount of €1 billion with a 7-year
maturity. That issue was the first tranche in the framework of the Loan
Participation Notes Program for the total amount of USD 5 billion.
Horizon acted as Financial Advisor for OAO Gazprom.
The coupon rate was set at 7.8 percent. The bonds were placed at
nominal value. Deutsche Bank and UBS Investment Bank acted as Joint
Arrangers of the Program and Lead Managers of the first bond issue.
The target group for this issue were the investors operating with
euro-denominated instruments. In the framework of this transaction, a
wide geographical distribution was achieved.
Horizon Investment Company is listed among the
companies authorized to act as Financial Advisor for the issuance of
securities
The name of our company is listed among the professional
participants of the securities market authorized to act as Financial
Advisor for the issuance of securities.
On 14 August 2003, the Federal Commission for the
Securities Markets (FCSM) confirmed that Horizon Investment Company
fully met the requirements to provide the services of Financial
Consultant in the securities market. Consequently, Horizon now provides
yet another type of services in the market acting as Financial
Consultant for Russian companies that have taken the strategic decision
to proceed with placement of their securities in the public market.
Horizon acted as Co-Arranger on OAO Gazprom's third
ruble-denominated bond issue
On 5 August 2003, the Federal Commission for the
Securities Markets (FCSM) registered OAO Gazprom's bond issue in the
amount of RUR 10 billion. The issue was awarded state registration
number 4-03-00028-А.
The bonds were issued as documentary bearer securities
with mandatory centralized custody in the amount of RUR 10,000,000.00
with a nominal value of RUR 1,000.00 and the maturity date set on the
1,080th day from the date of their placement.
The bonds provided for the payment of 6 coupons. The
duration of each coupon period was set at180 days.
The primary placement of the bonds was scheduled for the
fall of 2003 and was intended to be carried out in the form of an open
subscription at the Moscow Interbank Currency Exchange. The price of
the issue would be determined at an auction; however, it could not be
lower than 94.69 percent of the nominal value of the bonds. The coupon
rate would amount to 4 percent of the nominal value of the bond for
each coupon period.
OAO Industry and Construction Bank and Renaissance
Capital were selected to act as Arrangers on this issue with the
Federal Stock Corporation acting as Financial Advisor.
Decision
on the issuance of the bonds
Bonds prospectus
Gazprom received Euromoney's award for successful
borrowings in the Russian and international markets
OAO Gazprom's press office issued a press statement by
Euromoney recognizing the company as the best borrower in the domestic
market in 2002. Gazprom's Eurobond placements in April and October 2002
were recognized as the transactions of the year.
The experts on corporate borrowings at Horizon viewed
the news of this award as a recognition of the quality of their work
since Horizon acted as Financial Consultant on all bond issues in
2002-2003 that allowed Gazprom to raise USD 2 billion in the
international financial market.
Horizon acted as Financial Advisor and Joint Manager
during the placement of OAO Gazprom's ruble-denominated instruments in
the amount of RUR 5 billion.
High quality of work during the preparation of the issue
allowed to reduce considerably the cost of the transaction. OAO
Gazprom's ruble-denominated issue set a price benchmark for the entire
corporate bond market in 2002.
Horizon acted as Financial Advisor for OAO Gazprom's
third Eurobond issue
The third international 10-year USD 1.75 billion bond
issue was prepared as part of OAO Gazprom's Investment and Borrowings
Program.
The parameters for the third international bond issue
were determined by the company's corporate requirements and the need to
repay part of the short-term ruble-denominated borrowing instruments. A
decision was taken to access a segment of the international securities
market that was new to the company - the U.S. financial market. With a
10-year maturity, the tenor of the issue exceeded the average payback
period of projects in the gas industry. The prospectus of the issue was
prepared in compliance with the essential requirements of Rule 144A.
- Gazprom's bond
issue proved to be the largest unsecured bond placement in the history
of the emerging market.
- A new record for
maturity was set at 10 years. It is the longest historical tenor for
the Russian corporate bonds.
- The investor demand
exceeded USD 6 billion which made it possible to raise considerably
more funds than the original plan.
- Half of the
investors who bought the bonds represent U.S. companies, with 30
percent coming from Europe and 10 percent from Asia and Russia. Among
the investors were people and companies who had never before invested
into Russian corporate securities. The total number of investors who
participated in the deal exceeded 400.
- Pricing parameters
of the issue. Although the size of the issue amounted to 40 percent of
Gazprom's outstanding bonds, new price benchmarks were achieved with
tighter spreads relative to the price of borrowing for the sovereign
issue compared to the spread at the time of the announcement of the
transaction.
- The placement of
the bonds had a very positive impact on the price of the company's
shares and depositary receipts: at the time the transaction closed, the
ADRs traded in London at USD 12.75, up 16 percent compared to the price
of the instruments at the beginning of the roadshow.
Horizon acted as Financial Advisor on the project to
raise investment financing for the development of the Pudinskaya group
of oil and gas fields
Horizon acts as Investment Consultant for OAO
Vostokgazprom (OAO Gazprom's affiliate company) on issues of raising
investment funds for the development of the Pudinskaya group of oil and
gas fields (Tomsk Region). As part of the consulting project, a
business plan for the development of the fields was prepared and the
financing scheme was elaborated and agreed with the company.
|
