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UPDATE 1-Russia's Alrosa to raise $1 bln via ECP-source
March 14, 2012 / 3:27 PM / 6 years ago

UPDATE 1-Russia's Alrosa to raise $1 bln via ECP-source

* Alrosa to raise $1 bln in two tranches-source

* Proceeds to be used to finance deal with VTB (Releads, adds own source, detail)

MOSCOW, March 14 (Reuters) - Russian state-owned diamond miner Alrosa plans to raise $1 billion in two tranches of Eurocommercial paper issues (ECP), a banking source told Reuters, in order to buy oil and gas assets from state lender VTB.

The yield for nine-month paper worth $700 million was set at 4.125 percent, while 12 month bills worth $300 million was at 4.25 percent, the source added.

Goldman Sachs, UBS and VTB Capital are arranging the deal.

Alrosa plans to use proceeds from the ECP loans to finance a deal with the country’s second largest lender VTB to buy back oil and gas assets Geotransgas and Urengoy for $1 billion. (Reporting by Katya Golubkova, Oxana Kobzeva, Polina Devitt; Editing by John Bowker)

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