By Reshmi Basu
New York, July 19 - Industry & Construction Bank of St. Petersburg sold $300 million of three-year notes (Ba3//B+) at par to yield 6 7/8%, according to a market source.
The notes priced inside of revised price guidance. Guidance had been lowered to 6.95% to 7% from 7% to 7¼%. The size of the issue was also at the top of the $200 million to $300 million range.
Vneshtorgbank controls the largest individual stake in the St. Petersburg-based private sector bank.
ABN Amro and Deutsche Bank were the lead managers for the Regulation S transaction.
| Issuer: | Industry & Construction Bank of St. Petersburg
|
| Amount: | $300 million
|
| Issue: | Loan participation notes
|
| Maturity: | July 29, 2008
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| Coupon: | 6 7/8%
|
| Issue price: | Par
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| Yield: | 6 7/8%
|
| Spread: | Treasuries plus 293.5 basis points
|
| Pricing date: | July 19
|
| Lead managers: | ABN Amro, Deutsche Bank
|
| Ratings: | Moody's: Ba3
|
| Fitch: B+
|
| Revised price guidance: | 6.95% to 7%
|
| Distribution: | Regulation S
|
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