Steel maker NLMK to buy back $571 mln in 2018, 2019 Eurobonds
MOSCOW. June 9 (Interfax) - NLMK will allocate $571 million for the repurchase of Eurobonds maturing in 2018 and 2019, the steel maker said.
It will allocate $311.426 million to buy back 2018 binds, leaving $396.159 million outstanding, and $259.605 million to buy 2019 bonds, leaving $211.109 million.
The 2018 bonds are being purchased at $1,036.25 per bond, face value $1,000 each, and the 2019 bonds, with the same face value, at $1,045.
NLMK is placing $700 million in seven-year notes at 4.5% pa to finance the deal.
NLMK has production assets in Russia, Europe and the U.S. NLMK's principal owner is Vladimir Lisin, whose 85.54% stake is held by Fletcher Group Holdings. Depositary receipts on the company's shares (ten receipts represent one share) are traded on the London Stock Exchange.
NLMK's net debt as at the end of Q1 2016 amounted to $967 million (down 11% against the end of 2015), and the net debt to EBITDA ratio is 0.61x (against 0.56x).
