New Issue: Russia's Raspadskaya sells $300 million five-year notes at Treasuries plus 297 bps

By Reshmi Basu

New York, May 11 - Russian coal producer OJSC Raspadskaya sold a $300 million offering of five-year loan participation notes (Ba3//B+) at par to yield Treasuries plus 297 basis points, according to a market source.

Citigroup and UBS were lead managers for the Regulation S deal.

Raspadskaya is 80% controlled by Cyprus-based Corber Enterprises Ltd., which is co-owned on a parity basis by the Raspadskaya management and Evraz Group, a Russian steel and mining company.

Issuer:	Raspadskaya Securities Ltd (Ireland)
Borrower:	OJSC Raspadskaya
Amount:	$300 million
Issue:	Loan participation notes
Maturity:	May 22, 2012
Coupon:	7½%
Issue price:	Par
Yield:	7½%
Spread:	Treasuries plus 297 basis points
Bookrunners:	Citigroup, UBS
Pricing date:	May 11
Settlement date:	May 22
Ratings:	Moody's: Ba3
	Fitch: B+
Distribution:	Regulation S

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