By Rebecca Melvin
New York, May 24 – Russia’s Novolipetsk Steel (NLMK) priced $500 million of seven-year loan participation notes (Baa2/BBB-/BBB) on Wednesday at par to yield 4.7%, or a spread of mid-swaps plus 245 basis points, according to a syndicate source.
Pricing was tightened from guidance of 4 7/8% and initial talk for a yield of 5% to 5 1/8%.
J.P. Morgan Securities plc, Societe Generale and ING Bank NV are bookrunners for the Rule 144A and Regulation S deal.
NLMK’s Steel Funding DAC is issuer of the notes.
The steel company is based in Lipetsk, Russia.
| Issuer: | Steel Funding DAC
|
| Amount: | $500 million
|
| Maturity: | May 30, 2026
|
| Description: | Bonds
|
| Bookrunners: | J.P. Morgan Securities plc, Societe Generale and ING Bank NV
|
| Coupon: | 4.7%
|
| Price: | Par
|
| Yield: | 4.7%
|
| Spread: | Mid-swaps plus 245 bps
|
| Trade date: | May 22
|
| Settlement date: | May 30
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 4 7/8% from initial talk of 5%-5 1/8%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
