28 Jul 2010 17:25

Norilsk Nickel lowers yield guidance for BO-03 exchange bonds to 7.25%-7.75%

MOSCOW. July 28 (Interfax) - OJSC Norilsk Nickel has lowered the coupon yield guidance for its 15 billion-ruble BO-03 exchange-bond issue to 7.25%-7.75% per annum, a source at one of the issue -organizing banks told Interfax.

When the bid book was opened July 20, the coupon range was 7.75%-8.25% pa, corresponding to yield of 7.9%-8.42%

Book building for the placement is underway, and bids will be accepted until July 30. The issue organizers are Troika Dialog and VTB Capital.

In early June, the Norilsk Nickel board of directors decided to place 100 billion rubles worth of exchange and classic bonds.

Series BO-01 and -02 are of 10 billion rubles each, -03 and -04 of 15 billion each. All issues mature in three years and carry semiannual coupons. The MICEX admitted the issues to trading in the process of placement without listing them in mid-July.