By Christine Van Dusen and Susanna Moon
Atlanta, Dec. 14 – Emerging markets-focused Evraz Group SA priced a $750 million issue of 8¼% notes due January 2021 (expected ratings: /BB-/BB-) at par to yield 8¼%, according to a company announcement.
Barclays, JPMorgan, Goldman Sachs, Sberbank CIB, UniCredit and VTB Capital were bookrunners.
Societe Generale CIB was a passive bookrunner for the deal.
The notes were issued in order to extend the maturity of a portion of the group's debt.
This came as Evraz lifted the maximum purchase price to $549,975,860 in the tender offers to buy back three series of its notes.
Investors had tendered the following amount of notes by the end of the offers at 11 a.m. ET on Dec. 11:
• $313,783,000 of the $600 million 7.4% notes due April 24, 2017;
• $155,767,000 of the $550 million ($509.2 million outstanding) 9½% notes due April 24, 2018; and
• $367,584,000 of the $850 million 6¾% notes due April 27, 2018.
Evraz accepted for purchase all of the first two note series and bought back $54,491,000 of 6¾% notes using a scaling factor of 17.81%, according to a company notice.
Evraz is a London-based steel, mining and vanadium company with operations in Russia, Ukraine, Kazakhstan, the United States, Canada, Czech Republic, Italy and South Africa.
| Issuer: | Evraz Group SA
|
| Amount: | $750 million
|
| Maturity: | January 2021
|
| Description: | Unsecured unsubordinated notes
|
| Bookrunners: | Barclays, JPMorgan, Goldman Sachs, Sberbank CIB, UniCredit, VTB Capital (active), Societe Generale CIB (passive)
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 17
|
| Expected ratings: Standard & Poor's: BB-
|
| Fitch: BB-
|
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