By Aaron Hochman-Zimmerman
New York, Feb. 1 - Promsvyazbank (B1/B-/B-) announced the pricing of $100 million 10-year subordinated notes at par with a coupon of 12.5%, according to a market source.
ABN Amro and HSBC acted as bookrunners for the deal.
The bonds are callable on Jan. 31, 2013. If not called, the notes step up to five-year Treasuries plus 1,125 basis points.
Proceeds will be used to refinance the bank's outstanding $100 million bonds.
Promsvyazbank is a Moscow-based retail and commercial lender.
| Issuer: | Promsvyazbank
|
| Amount: | $100 million
|
| Issue: | Subordinated notes
|
| Maturity: | Jan. 31, 2018
|
| Coupon: | 12.5%
|
| Price: | Par
|
| Yield: | 12.5%
|
| Call: | Jan. 31, 2013; coupon steps up to five-year Treasuries plus 1,125 bps if not called
|
| Bookrunners: | ABN Amro, HSBC
|
| Pricing date: | Jan. 31
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B-
|
| Fitch: B-
|
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