State Oil Fund of Azerbaijan (SOFAZ) has bought the full amount and the second issue of bonds of Cenub Gaz Dehlizi (Southern Gas Corridor) joint stock company (JSC).
The value of the deal was $1,246,355,000. SOFAZ press office has confirmed the purchase-sale deal, which took place at the Baku Stock Exchange on July 23, 2014.
The term of the bonds circulation is 10 years, profitability – six-month Libor plus 1%. The interests will be paid every six months. PSG Broker acted as a broker of the seller.
In May 2014 the joint stock company placed the bonds to the amount of $917,320,800 on the same conditions.
Cenub Gas Dehlizi was established in Ferbruary 2014 by the decree of President Ilham Aliyev “for efficient management of the second stage of development of Shah Deniz gas condensate field, expansion of the Southern Gas Pipeline, trans-Anadolu (TANAP) and trans-Adriatic gas pipelines.
The authorized capital of JSC is $100 million. The Ministry of Economy and Industry owns 51% share in JSC and 49% shares are owned by SOCAR.
