Hungarys oil and gas group MOL announces USD 1bn bond programme.

By bne IntelliNews September 21, 2012
Hungary's oil and gas company MOL has established through its fully-owned subsidiary, MOL Group Finance, an USD 1bn bond program, the company said in a press statement. MOL has closed on September 19 the pricing process for the first issue amounting to USD 500mn. It will have a 7-year maturity with an annual coupon of 6.25% and a yield of 6.44%. The issuance of the notes is subject to the signing and completion of the relevant documentation, which is expected to take place next week, MOL said. We note that, MOL has last issued bonds under a HUF 100bn (USD 456mn) 2010-2011 bond programme, which was launched with the purpose to diversify the companys funding sources. Fitch affirmed last July the long-term foreign and local currency issuer default ratings (IDR) of MOL at "BBB-" with a stable outlook. The agency also affirmed MOLs senior unsecured debt ratings at 'BBB-', including its EUR750mn 2015 bond and EUR750mn 2017 bond. MOL is also rated BB+ at Standard & Poor's with a stable outlook.

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