By Reshmi Basu
New York, March 2 - OJSC Bank Petrocommerce reopened its 8¾% bullet notes due 2009 (Ba3/B+) to add $125 million, according to a market source.
The retap priced at par to yield a spread of 422 basis points more than Treasuries.
ING and Merrill Lynch were joint bookrunners for the Regulation S reopening of loan participation notes, which were issued via Petrocommerce Finance SA.
The issuer is a Russian financial institution.
On Dec. 7, 2007, Petrocommerce placed a $300 million offering of the original notes at par to yield 8¾%. With the additional issuance, the total size of the deal stands at $425 million.
| Issuer: | Petrocommerce Finance SA
|
| Borrower: | OJSC Bank Petrocommerce
|
| Issue: | Retap of 8¾% bullet notes due 2009
|
| Amount: | $125 million
|
| Maturity: | Dec. 17, 2009
|
| Coupon: | 8¾%
|
| Issue price: | Par
|
| Yield: | 8¾%
|
| Spread: | 422 basis points more than Treasuries
|
| Bookrunners: | ING, Merrill Lynch
|
| Pricing date: | March 2
|
| Settlement date: | March 12
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Regulation S
|
| Total amount: | $425 million
|
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