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LUKOIL issued US$1.5 bln in convertible bonds

December 16/2010

(LUKOIL) -- OAO LUKOIL announced the completion of the issuance of U.S.$1.5 billion 2.625 per cent senior unsecured convertible bonds due June 2015.


The bonds are convertible into American Depositary Receipts ("ADRs") listed on the London Stock Exchange each representing one ordinary share of OAO LUKOIL.


LUKOIL intends to use the proceeds of the offering for general corporate purposes.


This issuance of senior unsecured convertible bonds represents the first post crisis major issue of convertible debentures. Due to high investment grade rating of the Company and positive investor attitude towards the oil and gas sector, the transaction created a strong demand by the investment community.


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LUKOIL issued US$1.5 bln in convertible bonds
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