By Christine Van Dusen
Atlanta, March 18 - OAO Russian Railways Co. priced £350 million notes due March 25, 2031 (Baa1/BBB/BBB) at par to yield 7.487%, or Gilts plus 325 basis points, a market source said.
The notes priced in line with talk, which was set at the Gilts plus the low 300 bps area.
Barclays Capital, Goldman Sachs and VTB Capital were the bookrunners for the Regulation S deal. The notes include a change-of-control put at par if government ownership falls below 66%.
Russian Railways is a railway company based in Moscow.
| Issuer: | OAO Russian Railways Co.
|
| Amount: | £350 million
|
| Maturity: | March 25, 2031
|
| Description: | Notes
|
| Bookrunners: | Barclays Capital, Goldman Sachs, VTB Capital
|
| Coupon: | 7.487%
|
| Price: | Par
|
| Yield: | 7.487%
|
| Spread: | Gilts plus 325 bps
|
| Change-of-control put: | At 100 if government ownership falls below 66%
|
| Trade date: | March 18
|
| Settlement date: | March 25
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Gilts plus low 300 bps area
|
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