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21. Long-Term Debt

As of December 31, 2012, December 31, 2011 and January 1, 2011 the Group has long-term outstanding loans as follows:

December 31, 2012 December 31, 2011 January 1, 2011

Bank loans

82,240

136,456

149,639

Bonds

82,025

71,999

39,173

Loan Participation Notes

46,118

Finance lease liabilities

3,207

Other borrowings

3,060

818

4,961

less current portion of debt

(47,026)

(35,501)

(44,349)

Total long-term debt

166,417

176,979

149,424

On April 21, 2009, the Group placed ten-year Ruble Bonds (04 series) with the total par value of RUB 10 billion (all non-current as of December 31, 2012 and December 31, 2011 and all current as of January 1, 2011). In April, 2011 an option to redeem the bonds earlier was exercised and in August, 2011 the Group completed a secondary placement of RUB 6.1 billion. The bonds maturing in 2018 bear interest of 8.2% per year and have semi-annual coupon payments.

On July 21, 2009, the Group placed seven-year Ruble Bonds (03 series) with the total par value of RUB 8 billion (RUB 140 million all current as of December 31, 2012; RUB 8 billion all current as of December 31, 2011 and RUB 8 billion all non-current as of January 1, 2011). From July 23, 2012 the bonds bear interest of 1.0% per year.

On April 13, 2010, the Group placed three-year Ruble Bonds (05 and 06 series) with the total par value of RUB 20 billion (RUB 10 billion current and RUB 10 billion non-current as of December 31, 2012 and non-current as of December 31, 2011 and January 1, 2011). The bonds bear interest of 7.15% per year and have semi-annual coupon payments.

On February 08, 2011, the Group placed five-year Ruble Bonds (08 series) with the total par value of RUB 10 billion (all non-current as of December 31, 2012 and December 31, 2011). The bonds bear interest of 8.5% per year and have semi-annual coupon payments.

On February 08, 2011, the Group placed ten-year Ruble Bonds (09 series) with the total par value of RUB 10 billion (all non-current as of December 31, 2012 and December 31, 2011). The bonds bear interest of 8.5% per year with a five year put option to early redeem at par and have semi-annual coupon payments.

On February 08, 2011, the Group placed ten-year Ruble Bonds (10 series) with the total par value of RUB 10 billion (all current as of December 31, 2012 and all non-current December 31, 2011). The bonds bear interest of 8.9% per year with a seven year put option to early redeem at par and have semi-annual coupon payments.

On February 7, 2012 the Group placed ten-year Ruble Bonds (11 series) with the total par value of RUB 10 billion (all non-current as of December 31, 2012). The bonds bear interest of 8.25% per year. The bonds have an early redemption offer to be made 3 years following the placement.

On December 5, 2012 the Group placed ten-year Ruble Bonds (12 series) with the total par value of RUB 10 billion (all non-current as of December 31, 2012). The bonds bear interest of 8.5% per year. The bonds have an early redemption offer to be made 5 years following the placement.

In July 2010 the Group completed the Senior Syndication under the five-year Pre-Export Finance Facility for the amount of US$ 1.5 billion (approximately RUB 46 billion). The Bank of Tokyo-Mitsubishi UFJ, Natixis SA and Societe Generale were appointed as Initial Mandated Lead Arrangers and Bookrunners. The facility bears an interest rate of LIBOR plus 1.6% and matures in July 2015. As of December 31, 2012, December 31, 2011 and January 1, 2011 the Group has US$ 1.2 billion, US$ 1.5 billion and US$ 1.5 billion, respectively (approximately RUB 36.2 billion, RUB 48.3 and RUB 45.7 billion) outstanding under the loan including current portion of US$ 0.5 billion and US$ 0.3 billion as of December 31, 2012 and 2011 and all non-current as of January 1, 2011 (approximately RUB 14.0 billion and RUB 9.9 billion, respectively).

As of December 31, 2012 the Group has RUB 46,014 million in long term loans from a number of banks, primarily denominated in US Dollars (including current portion of RUB 10,809 million). As of December 31, 2011 the Group had RUB 88,812 million in long term loans from a number of banks (including current portion of RUB 15,312 million). As of January 1, 2011 the Group had RUB 105,292 million in long term loans from a number of banks (including current portion of RUB 31,877 million). Interest rates under the loans varied from LIBOR plus 0.5% to fixed interest rate of 6.75%.

On September 19, 2012 the Group has drawn USD 1,500 million (46,375 RUB million) financed by 10 years Loan Participation Notes (LPN) (Series 1 Issue) with 4.375% coupon to be paid semi-annually at par. Outstanding amount under the loan as of December 31, 2012 is RUB 45.6 billion (all non-current). LPNs are listed on the Irish Stock Exchange.

The loan agreements contain financial covenants that require the Group’s ratios of Consolidated EBITDA to Consolidated Interest Payable, Consolidated Indebtedness to Consolidated Tangible Net Worth and Consolidated Indebtedness to Consolidated EBITDA. Management believes the Group is in compliance with these covenants as of December 31, 2012, December 31, 2011 and January 1, 2011, respectively.

Notes in Consolidated Statements:

Consolidated Statement of Financial Position as of December 31, 2012 Back to list

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