Raspadskaya to start roadshow for up to $500 mln in Eurobonds on April 13 - source
MOSCOW. April 3 (Interfax) - OJSC Raspadskaya plans to start a roadshow for $300 million-$500 million in Eurobonds on April 13, a source in banking circles told Interfax.
The company will redeem Eurobonds at the end of May. These bonds come to $300 million and were placed in 2007. A source earlier said that the company plans to raise roughly the same amount. According to Debtwire, Raspadskaya will place up to $500 million in Eurobonds. Meetings with investors will take place in Europe and U.S. through April 16-20.
Evraz also has plans to place Eurobonds next week. Citigroup, Troika Dialog and JP Morgan have been appointed the organizers.
VTB Capital, Morgan Stanley, and Goldman Sachs have been appointed the organizers of Raspadskaya's bonds.
Furthermore, Raspadskaya has raised a non-renewable loan facility worth $300 million for two years from Sberbank . The funds have been raised for financing Raspadskaya's current operations, paying off loans, and a share buyback.
Prior to the buyback, Corber controlled 80% in Raspadskaya (the remaining shares in free float). The charter capital is divided into 780,799,809 shares. Based on the buyback ratio, the company presented over 624.616 million shares for buyback, which is equal to the entire share packet.
The beneficiaries in Corber on a parity basis are Raspadskaya's management, headed by Gennady Kozov and board chairman Alexander Vagin, and Evraz Holding.
It was earlier reported that the company's main owners had been searching for a buyer for the packet since the start of 2011 but it was announced in autumn that negations would be halted for the next year to 18 months.
Raspadskaya includes Russia's biggest mine, Raspadskaya, as well as MUK-96, Raspadsky open pit and a mine now under construction, Koksovaya.
A change in ownership of the company has been under discussion ever since the deadly blasts at the flagship Raspadskaya mine in May 2010 that killed 91 people and halted coking coal production until December that year. Some mine workings in the accident zone are still smoldering.