Southern, Gas

Following Southern Gas Corridor CJSC's ("SGC") inaugural US$1bn 6.875% 10 year Eurobond offering in March 2016, the issuer successfully returned to the international capital markets with a landmark US$1bn 144A / RegS tap of its existing 2026s bond.

16.03.2017 - 10:34:40

Southern Gas Corridor CJSC Successfully Returns to the International Capital Markets with a USD 1bn 144A/RegS Tap of Its Existing 2026 Bonds. The notes are guaranteed by the Republic of Azerbaijan. The transaction priced with a final yield of 5.80%, well inside the original reoffer yield of 7.00%, underlining the improved market sentiment for SGC and the Republic of Azerbaijan. The tap increases the total size of the 2026 notes to US$2bn, making it the largest Eurobond from the country.

SGC, the issuer, is directly and indirectly 100% owned by the Republic of Azerbaijan and represents the country’s interest in the Southern Gas Corridor Project, an ongoing cross-border gas value chain stretching over 3,500 kilometres, supported by the EU, and aimed at exporting natural gas from Azerbaijan to Europe.

Citi, J.P. Morgan and UniCredit acted as Joint Lead Managers on the transaction and Lazard Freres as Financial Adviser to the issuer. Clifford Chance LLP and Omni Law Firm acted as the issuer's Legal Counsel and White & Case LLP and BM Morrison Partners LLC acted as JLMs’ Legal Counsel.

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This announcement is not an offer of securities for sale in the United States. Any securities referred to herein have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold in the United States unless such securities are registered under the Securities Act or are offered and sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with state securities laws. any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Issuer and that will contain detailed information about the Issuer.

The information contained herein shall not constitute or form part of any offer to sell or solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities to the public in the United Kingdom. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. The "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in that Member State), and includes any relevant implementing measures in that Member State.

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