Russia's Evraz sets guidance for dollar-denominated 10-year notes to yield 8½% area

By Reshmi Basu

New York, Nov. 1 - Evraz Group SA set price guidance for a dollar-denominated offering of 10-year fixed-rate notes (B2/B+/B) in the area of 8½%, according to a market source.

On Monday, preliminary guidance was set at mid-swaps plus low- to mid-300 basis points.

Marketing for the issue is scheduled to end Wednesday.

Proceeds from the sale will be used for the repayment of existing debt and the funding of further investment.

ING and UBS Investment Bank are running the Rule 144A/Regulation S transaction.

Mastercroft Ltd. will guarantee the notes.

The Moscow-based company is vertically integrated steel and mining business with operations primarily in Russia.

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