By Paul A. Harris
St. Louis, May 1 - Alrosa Finance, SA sold an upsized $500 million 8 1/8% senior notes due May 6, 2008 (B3/B), according to a syndicate source. The deal priced recently at 98.996 to yield 8 3/8%.
Price talk was 8 3/8%-8 5/8%. The deal was announced at $300 million.
ING Barings was the bookrunner.
Proceeds will be used to repay short term debt.
The notes are guaranteed by Alrosa Co. Ltd.
The issuer is diamond miner and monopoly exporter in Russia.
| Issuer: | Alrosa Finance, SA
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| Guarantor: | Alrosa Co. Ltd.
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| Amount: | $500 million (increased from $300 million)
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| Maturity: | May 6, 2008
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| Security description: | Senior notes
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| Bookrunner: | ING Barings
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| Coupon: | 8 1/8%
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| Price: | 98.996
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| Yield: | 8 3/8%
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| Spread: | 550 basis points
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| Ratings: | Moody's: B3
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| Standard & Poor's: B
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| Settlement date: | May 6, 2003
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| Distribution: | Regulation S
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| Price talk: | 8 3/8%-8 5/8%
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| ISIN: | XS0167967354
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