Russia's Mechel plans to place 10 billion rubles of bonds in two series

By Reshmi Basu

New York, March 31 - Steel producer Mechel OAO plans to place two issues of interest-bearing inconvertible bonds with the Moscow Interbank Currency Exchange (MICEX).

The company will issue 5 billion rubles each of series 02 bonds and series 03 bonds. The series 02 bonds will carry a maturity of seven years, while the series 03 bonds will bear a five-year tenor.

Funds from the sale will used to refinance debt and to finance the long-term investment programs of the company's subsidiaries.

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