GNG Finance Sells USD 50 mln Notes Convertible to Galnaftogaz shares

According to Bloomberg, GNG Finance Public Limited sold USD 50 mln 5% 5Y mandatory conversion in shares. The notes mature on November 6, 2012 and are convertible into shares of Galnaftogaz (GLNG: U/R). We suppose that GNG Finance is an SPV, and the deal was aimed at raising funds for Galnaftogaz, through the USD 57 mln additional share issue announced on Monday this week. Currently we are awaiting for confirmation of this information from Galnaftogaz management.