By Susanna Moon
Chicago, Feb. 7 - Metalloinvest said it placed RUB 10 billion of 10-year series 2 and series 3 notes with a coupon of 8.9%, below the bottom of a price range of 9% to 9½%.
The notes are putable in five years.
Proceeds will be used to refinance the company's debt due in 2014.
The deal was led by Sberbank CIB and VTB Capital as lead managers and joint bookrunners.
The book was oversubscribed two times, and investors placed 44 orders for the series 02 and 03 bonds with the book totaling more than RUB 20 billion, according to a company press release.
"We decided to issue additional series of ruble bonds, taking advantage of favorable market conditions and building on our successful experience of the previous year's bond placement," Pavel Mitrofanov, the company's deputy chief executive officer and chief financial officer, said in the release.
"The company successfully placed the long-term ruble bond with a put option in five years, which is the first issue under such parameters to have been placed over the last one and a half years by a Russian metals and mining company," Mitrofanov said.
The issuer is a Moscow-based mining and metallurgy company.
| Issuer: | Metalloinvest
|
| Securities: | Notes
|
| Amount: | RUB 10 billion
|
| Maturity: | 10 years
|
| Coupon: | 8.9%
|
| Put option: | In five years
|
| Managers: | Sberbank CIB and VTB Capital (lead managers and joint bookrunners); Alfa-Bank and Globexbank (co-managers); Baltic Financial Agency and Khanty-Mansiysky Bank (underwriters); Region and Ronin (co-underwriters)
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 8
|
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