By Reshmi Basu
New York, March 9 - Russia's Petrocommerce Bank sold a $200 million offering of three-year bonds (Ba3/B) at par to yield 8%, according to a market source.
Price guidance was in the area of 7¾%.
Credit Suisse and UBS Investment Bank were bookrunners for the Regulation S deal.
The issuer is a private Russian bank formerly owned by Lukoil, Russia's largest oil company.
In 2004 Lukoil sold its stake in Petrocommerce Bank to IFD Kapital, which is majority owned by Vagit Alekperov, one of Forbes magazine's richest Russian billionaires and the president of Lukoil, and Leonid Fedun, a vice president of Lukoil.
| Issuer: | Petrocommerce Bank
|
| Amount: | $200 million
|
| Issue: | Bonds
|
| Maturity: | March 23, 2009
|
| Coupon: | 8%
|
| Issue price: | Par
|
| Yield: | 8%
|
| Spread: | 323 basis points more than Treasuries
|
| Pricing date: | March 9
|
| Settlement date: | March 23
|
| Lead managers: | Credit Suisse, UBS Investment Bank
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B
|
| Price guidance: | 7¾% area
|
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