By Reshmi Basu
New York, Nov. 3 - Evraz Group SA priced $750 million 10-year fixed-rate notes (B2/B+/BB-) at 98.338 with an 8¼% coupon to yield 8½%, according to a market source.
The deal came in line with price guidance that called for a yield in the area of 8½%.
Proceeds from the sale will be used for the repayment of existing debt and to fund further investment.
ING and UBS Investment Bank were the joint bookrunners for 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.
| Issuer: | Evraz Group SA
|
| Guarantor: | Mastercroft Ltd.
|
| Amount: | $750 million
|
| Issue: | Fixed-rate notes
|
| Maturity: | Nov. 10, 2015
|
| Coupon: | 8¼%
|
| Issue price: | 98.338
|
| Yield: | 8½%
|
| Spread: | Treasuries plus 386.4 basis points
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 10
|
| Joint bookrunners: | ING, UBS Investment Bank
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Price guidance: | 8½% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
