Russia's Gazprombank, the banking arm of gas monopoly OAO Gazprom (GAZP.RS), has bought-back $82 million of its outstanding debt at a discount to face value, deal manager Credit Suisse said Friday.
The amount of debt Gazprombank has brought-back is significantly less than it originally intended.
A week ago it said it would spend-up to $300 million buying back its $700 million floating-rate loan participation notes, due April. 4, 2010, and its $1 billion 6.5% notes, due Sept. 23, 2015.
However, it said it wouldn't pay more than 88% of the 2010 notes' face value and 65% of the 2015 notes' face value.
Credit Suisse said Friday Gazprombank had succeeded in buying-back 2010 notes with a face value of $42.55 million and 2015 notes with a face value of $39.34 million.
A Credit Suisse spokesman declined to say why the debt-buy-back was so much less than originally intended.
Credit Suisse is the dealer manager and Citigroup Inc., is the tender agent.