NLMK bond holders tender $121.7 mln in notes for purchase
MOSCOW. July 16 (Interfax) - The holders of bonds issued by Russian steel giant NLMK have tendered $121.7 million in notes for purchase.
NLMK said in a press release that $92.4 million of $800 million in 4.45% notes maturing in 2018; and $29.3 million of $500 million in 4.95% motes maturing in 2019 had been tendered. NLMK is offering to buy the notes at $1,015 and $1,010 each.
NLMK said when it announced the offer on July 8 that it was prepared to buy up to $100 million in notes.
The prices were set at a Dutch auction.
NLMK placed the 4.45% notes in February 2013 and the 4.95% notes in September 2012.
NLMK's cash position was $1.6 billion at the end of Q1 2014. The company also had around $2.8 billion in undrawn credit facilities. Short-term debt was around $1.1 billion, almost half of it in revolving credit facilities which will not have to be settled in the next 12 months. Net debt/EBITDA was 1.39 at end Q1. NLMK aims to lower the ratio to 1 by 2018.
