18 Aug 2009 10:30

Severstal planning 45 bln rubles in exchange bonds

MOSCOW. Aug 18 (Interfax) - Severstal is planning to offer five issues of exchange bonds worth a total of 45 billion rubles, the Russian steelmaker said in statements.

Series BO-01 will total 15 billion rubles, BO-02 and BO-03 will be 10 billion rubles each, and BO-04 and BO-05 will be 5 billion rubles each.

The notes will all mature in three years and have par value of 1,000 rubles each.

Severstal told Interfax that the proceeds would be used for general corporate funding and refinancing.

Severstal redeemed its debut issue of conventional ruble bonds worth 3 billion rubles in June 2007. It currently has Eurobonds worth $1.25 billion and maturing in July 2013 and Eurobonds worth $375 million maturing in April 2014 outstanding.