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European Bearing Corporation placed $150 mln in CLN October 17

October 18, 2006
European Bearing Corporation placed $150 mln in CLN on October 17. MDM Bank arranged the deal. The book exceeded $200 mln. The geographical distribution was as follows: UK 47%, Russia 30%, Switzerland 16%, EU 7%.
The bond pays semiannual coupons. The coupon rate was set at 9.75% per annum.
The maturity date is October 24, 2009, with a put option in October of 2008, at par price. The London subdivision of Deutche bank acts as the guarantor and paying agent. Bank of Moscow is the co-manager. The issue was placed after road-shows in London, Zurich, Geneva, Singapore and Hong Kong.
The issue proceeds will be used for repayment of a bonded loan and refinancing of the short-term debt. Around $80 mln will be used to purchase industrial assets.

“We consider the first experience of borrowing on international markets a success", - comments Andrei Tatanov, Director of Finance, European Bearing Corporation. “At the auction the international investors displayed confidence and interest to our business. Successful launch of CLN speaks in favor of our policy aimed at increased business transparency and promotion of EBC brand on international markets”.
  • Status
    redeemed
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    150,000,000 USD
  • М/S&P/F
    — / — / —
  • Full name
    European Bearing Corporation
  • Registration country
    Russia
  • Industry
    Other sectors