Metalloinvest to sell seven-year dollar benchmark notes on Monday; initial price talk low 5% area

By Colin Hanner

Chicago, April 24 – Russia’s Metalloinvest Finance DAC is expected to price a dollar-denominated benchmark offering of seven-year notes on Monday, a market source said.

Initial price talk was in the low 5% area, a market source said, while another market source said talk was in a 5% to 5¼% area.

The deal is in excess of $1.6 billion, a market source said.

The new issue is part of a refinancing that includes a cash tender offer for any and all of the company’s $1 billion of 5 5/8% notes due 2020.

The settlement date for the new notes is expected to be May 2, or five days following the new notes’ pricing.

Credit Suisse (Europe) Securities Ltd., Sberbank CIB, VTB Capital plc and Societe Generale are global coordinators and bookrunners for the deal, and ING Bank NV, London Branch and Merrill Lynch International are joint lead managers and bookrunners.

Metalloinvest is a subsidiary of JSC Holding Co. Metalloinvest, a Moscow-based mining and metallurgy company.

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