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Galnaftogaz To Issue Local Bonds (GLNG: BUY)

Galnaftogaz To Issue Local Bonds (GLNG: BUY)

24 May 2008

Concorde Capital: The issue will cause the company to assume ~USD 7mn more in LT debt than we forecast. This will bring D/E to 0.75, from our current estimate of 0.63, one year earlier than we previously estimated. However, the company enjoys a favorable cost of attracting long money and its interest coverage of x3-4 will provide a sufficient safety margin. More importantly, to optimize capital structure the company embarked on a program to tap the equity market for money, and is planning an IPO in the mid term.

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