Metalloinvest completes placement of two bond series for 15 bln rubles
MOSCOW. March 29 (Interfax) - Metalloinvest has completed the placement of its second and eighth bond series (Bo-02 and Bo-08) totaling 15 billion rubles, the company said in a statement.
Book building for the placements was conducted on March 24. Initially sources told Interfax that the company focused on a yield guidance of the first coupon of 11.25%-11.5% per annum. The guidance was subsequently lowered ahead of the book closing, ultimately to 10.95%.
Demand for the bonds totaled 35 billion rubles. The rates of the first-tenth coupons were set at 10.95%. The bonds are callable after five years.
VTB Capital , Sberbank CIB and Rosbank were the organizers of the placement.
Metalloinvest has two issues of exchange bonds totaling 15 billion rubles in circulation, as well as five series of classic bonds totaling 35 billion rubles.
Net debt totaled $3.563 billion at the end of 2015, 14.9% less than a year earlier. The net debt/EBITDA ratio was 2.49, up from 2.13.
Metalloinvest must redeem an issue of Eurobonds totaling $700 million in Q3 2016.