By Paul A. Harris
St. Louis, May 15 - Russia's Evraz Group SA (existing ratings Ba2/BB-/BB) raised $404.6 million of proceeds by tapping two of its existing issues on Thursday, according to an informed source.
The Moscow-based vertically integrated steel and mining concern priced a $250 million add-on to its 8 7/8% notes due April 24, 2013 at 101.15 to yield 8.579%.
The reoffer price came at the rich end of the 100.85 to 101.15 price talk.
The tap increased the size of the issue to $1.3 billion. The original $1.05 billion priced at par on April 17.
Evraz also priced a $150 million add-on to its 9½% notes due April 24, 2018 at 101.15 to yield 9.371%.
Again, the reoffer price came at the rich end of the 100.85 to 101.15 talk.
The tap increased the issue of 9½% notes due 2018 to $700 million. The original $550 million also priced at par on April 17.
ABN Amro, Calyon, Deutsche Bank and UBS were bookrunners.
| Issuer: | Evraz Group SA
|
| Face amount: | $400 million
|
| Proceeds: | $404.6 million
|
| Trade date: | May 15
|
| Settlement date: | May 27
|
| Bookrunner: | ABN Amro, Calyon, Deutsche Bank and UBS
|
| Existing ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
|
|
| 2013 notes
|
| Amount: | $250 million
|
| Maturity: | April 24, 2013
|
| Coupon: | 8 7/8%
|
| Price: | 101.15
|
| Yield to worst: | 8.579%
|
| Spread: | 541.6 bps
|
| Price talk: | 100.85 to 101.15
|
| Original issue: | $1.05 billion priced at par on April 17, 2008
|
| Total issue size: | $1.3 billion
|
|
|
| 2018 notes
|
| Amount: | $150 million
|
| Maturity: | April 24, 2018
|
| Coupon: | 9½%
|
| Price: | 101.15
|
| Yield: | 9.371%
|
| Spread: | 543.4 bps
|
| Price talk: | 100.85 to 101.15
|
| Original issue: | $550 million priced at par on April 17, 2008
|
| Total issue size: | $700 million
|
|
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