By Angela McDaniels
Tacoma, Wash., Sept. 23 – PJSC Sibur Holding subsidiary Sibur Securities DAC issued $500 million of 3.45% five-year eurobonds (Baa3/BBB-/BBB-).
The initial coupon rate, 3¾%, decreased to 3.45% during bookbuilding, according to a company news release.
Goldman Sachs, JPMorgan, Gazprombank and Sberbank CIB acted as lead coordinators and bookrunners. Banca IMI SpA was the lead manager.
The company said that the total demand exceeded $1.3 billion and that the purchasers were distributed as follows: Russia, 41%; continental Europe, 26%; Asia, Middle East and North Africa, 15%; the United Kingdom, 11%; and the United States, 7%.
The notes are listed on the Irish Stock Exchange.
Proceeds will be used to fund the company’s growth strategy and to optimize its credit portfolio.
“Since the company placed its first eurobonds back in 2013, Sibur has undertaken a substantial transformation of its business, implementing large-scale investment projects and forming a solid foundation for long-term sustainable growth,” Sibur managing director for economics and Finance Alexander Petrov said in the news release.
“While its business developed, the company’s indebtedness remained at a comfortable level. I am pleased to announce that we have taken another successful step in public capital markets.”
Sibur is an integrated petrochemicals company based in Moscow.
| Issuer: | Sibur Securities DAC
|
| Guarantor: | PJSC Sibur Holding
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| Issue: | Eurobonds
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| Amount: | $500 million
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| Maturity: | 2024
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| Coupon: | 3.45%
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| Bookrunners: | Goldman Sachs, JPMorgan, Gazprombank and Sberbank CIB
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| Lead manager: | Banca IMI SpA
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| Announcement date: | Sept. 17
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
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| Fitch: BBB-
|
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