Tatneft board of directors approves 100 bln rbl exchange bond plan

MOSCOW, Oct 24 (PRIME) -- The board of directors of Russian oil company Tatneft has approved a 100 billion ruble exchange bond program, the company said in a statement on Thursday.

The company will offer the new bonds in tranches starting from 5 billion rubles to finance its projects when necessary.

“Given the current interest rates, borrowing is an attractive source of financing, and Tatneft’s debt burden is one of the lowest among Russian companies,” the company said.

“The use of debt in financing of the company’s projects supports free cash flow, raises investment attractiveness and the cost of the company, and improves responsibility of businesses in achievement of plans on return of investment.”

(63.7997 rubles – U.S. $1)

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