9 Mar 2010 19:16

Severstal not planning new bond, eurobond issues soon

MOSCOW. March 9 (Interfax) - OJSC Severstal is not planning to place any new bond or eurobond issues anytime soon, as it feels its cash position is firm, the company's deputy financial and economic director, Alexei Kulichenko, said during a conference call on Tuesday. Severstal had $2.9 billion in cash and equivalent as of December 31, as well as $631 million in non-selected credit lines.

As of December 31, the company's short-term debt stood at $1.32 billion, of which $525 was serviced in February with the placement of Severstal Columbus shares.

Severstal eurobonds maturing in July 2013 - $1.25 billion worth - are currently in circulation, along with $375 million in eurobonds maturing in April 2014, 15 billion rubles in exchange bonds maturing in 2012 carrying a 2-year offer, 15 billion in exchange bonds maturing in 2013, and the $525 million in eight-year Severstal Columbus bonds.

Severstal has assets in Russia, North America, Europe and Ukraine. The main beneficiary is the general director, Alexei Mordashov, with more than 82% of shares. About 18% are in free float.