Russia's largest private oil company LUKoil will place bonds worth $1.5 billion convertible into American Depositary Receipts (ADR), the company said on Thursday.
"LUKoil has started placing subordinated unsecured convertible bonds worth $1.5 billion and maturing in June 2015, which can be converted into ADRs traded on the London Stock Exchange. Every ADR equals one ordinary LUKoil share," the company said.
The bonds' issuer is International Finance B.V. a wholly-owned subsidiary of LUKoil, while the issue will be guaranteed by LUKoil, the statement said.
The convertible bonds will offer a 2.5-3% coupon income payable twice annually, it said.
Barclays Capital, Citigroup Global Markets Limited and the London office of Deutsche Bank AG are the issue's lead managers.
MOSCOW, December 9 (RIA Novosti)
