Industrial Union Of Donbass sells USD150 million in five year notes
September 26, 2005 Сbonds
The Industrial Union of Donbass (a Ukrainian steel holding company) on 23 March sold USD150 million in five-year fixed rate loan participation notes. The coupon for the first two years is fixed at 9.25 percent per annum and the coupon for the subsequent periods will be set by the Industrial Union of Donbass on the second anniversary of the issue date. Renaissance Securities (Cyprus) Limited acted as the exclusive distributor of the placement. The notes were purchased by foreign and Russian investors.
Commenting on the placement, Dmitry Ankudinov, Managing Director, Investment Banking Group of Renaissance Capital, said: ‘Such a successful placement of the notes is without doubt a great achievement for Industrial Union of Donbass, as well as for the Ukrainian capital markets as a whole. Despite the high volatility in the markets and a lack of stability in the country in general, Industrial Union of Donbass managed to raise considerable funds at the most lucrative terms possible. It is not only a testament to the standard of business practiced by Industrial Union of Donbass, but is also proof of the interest of foreign investors in the Ukrainian market. We strongly believe that this successful experience will set the base for the further development of Industrial Union of Donbass – one of the most powerful industrial groups in the Ukraine.’
Company — ISD