Mechel again lowers guidance on coupon rates for 2nd series exchange bonds to 9.75%-10%
MOSCOW. March 12 (Interfax) - OJSC Mechel again has lowered its guidance on the coupon rate for it second series bond issue BO-02 worth 5 billion rubles to 9.75%-10%, a source in banking circles told Interfax.
On Thursday, the guidance for the three-year issue was lowered from 10.75%-11.5% to 10%-10.75%. The first guidance was announced when the issue's bid book was opened on March 4.
The bid book closes on Friday at 2:00 pm Moscow time. The placement is slated for March 16.
Uglemetbank, Sviaz-Bank , VTB Capital and Sberbank were the issue's organizers.
Mechel as registered 15 exchange bonds worth a combined 30 billion rubles. Issues one through five come to 1 billion rubles each, six through 10 - 2 billion rubles each and 11 through 15 - 3 billion rubles each.
Mechel currently has exchange bond series BO-01 worth 5 billion rubles, as well as three issues of corporate bonds worth a combined 15 billion rubles.
Mechel has metals, coal, power and transport assets in several countries. OJSC Mechel Mining has consolidated coal producers Yakutugol and Southern Kuzbass as well as iron ore producer Korshunov GOK and a limestone producer.
Igor Zyuzin, the chief executive, is the group's main beneficiary. The free float in American Depositary Receipts (ADR) is around 25%.