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Metalloinvest closed the book on series 02 and 03 bonds; demand exceeded RUR 20 bln

February 7, 2013
Metalloinvest reports closing of the book on series 02 and 03 bonds for a total of RUR 10 bln (USD 332 mln) with a tenor of 10 years and a put option after 5 years. On February 6, following closing of the book, the coupon rate was set at 8.90% p.a., below the initially announced guidance of 9%-9.5%. During book-building, investors submitted 44 bids. Demand exceeded RUR 20 bln, which is twice the amount on offer. Settlements on series 02 and 03 bonds will be held on MICEX on February 8, 2013. Secondary trading is expected to begin within two weeks. Both issues are expected to be included in the Lombard list of Russia's Central Bank. Arrangers are Sberbank CIB and VTB Capital. Co-Arrangers of the issues are Alfa-Bank and Globexbank; Underwriters are BFA and Bank of Khanty-Mansiysk; co-underwriters are IC REGION and RON Invest. "We decided to take advantage of favorable market conditions and to place ruble bonds, considering the positive experience of the last year. The company has successfully placed the first long ruble bond with 5-yr. put in Russia's mining industry over the last 1 1/2 years. The proceeds will be used to refinance debt maturing in 2014," commented Pavel Mitrofanov, Deputy General Director and CFO of METALLOINVEST.
  • Status
    outstanding
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    5,000,000,000 RUB
  • М/S&P/F
    — / — / —