11 Oct 2010 12:49

TMK opens book for 5 bln rubles in exchange bonds

MOSCOW. Oct 11 (Interfax) - Russia's TMK , one of the world's top-three oil and gas industry pipe producers, opened the bid book on a series of exchange bonds (BO-01) totaling 5 billion rubles at 11:00 a.m. Moscow time on Monday, the company said in a statement.

The guidance for the rate of the first coupon is 9.4%-9.8% annually, a source in financial circles told Interfax. No offer for early redemption has been announced.

VTB Capital will accept bids for the three-year bonds until 3:00 a.m. on October 22.

The placement on MICEX is provisionally scheduled for October 26.

It was reported earlier that MICEX registered four series of TMK exchange bonds in December 2009: BO-01 and BO-02 for 5 billion rubles each and BO-03 and BO-04 for 10 billion rubles each.

The company currently has third series bonds in circulation totaling 5 billion rubles. The bonds mature in February 2011.

TMK has production facilities in Russia, the U.S., Romania and Kazakhstan.