OJSC Gazprom priced $500 MM of loan participation notes due July 31, 2013 (the "Notes"). The notes were issued by Gaz Capital S.A., a Luxembourg special purpose vehicle, under Gazprom’s $30 Bn Loan Participation Note Programme. The transaction was upsized from the originally announced $450 MM target due to significant demand from institutional investors. The Gazprom offering on July 22 was the only debt deal priced yesterday across Investment Grade, Emerging Markets and High Yield Bonds.

The Notes were priced at par and have an annual coupon of 7.51%. Morgan Stanley & Co. International plc acted as the sole bookrunner with respect to the notes.