25 Mar 2010 14:08

Evraz bonds yield 9.25% p.a., issues oversubscribed

MOSCOW. March 25 (Interfax) - The first coupon on 15 billion rubles in bonds series 1 and 3 being placed by EvrazHolding Finance, an SPV for steel producer Evraz, will yield 9.25 p.a., the company said in a statement.

The company opened the bid book for 10 billion rubles in first-series bonds on March 11, and started taking orders for a third series worth 5 billion rubles on March 19. Both books closed on March 24. The bonds could be placed on March 26.

Troika Dialog took the orders. A source at the investment company told Interfax that Investors made 70 bids for 24 billion rubles at not more than 9.5% p.a.

Guidance of 9.5%-10% was announced on the bonds when the books opened, but this was later lowered to 9.25%-9.75%.

Both bond issues will mature in ten years and carry a put option after three years.

The Federal Financial Markets Service (FFMS) registered 30 billion rubles in series 1-4 bonds for EvrazHolding Finance at the beginning of December. The issue was then suspended due to the need to amend the terms and it was restarted on March 10.

The first and second series bonds will each be 10 billion rubles in volume, and the third and fourth series will be 5 billion rubles. All bonds will mature in ten years.