By Reshmi Basu
New York, June 20 - AK Bars Luxembourg SA sold a $250 million offering of three-year loan participation notes (Ba2//BB-) at par to yield 8¼%, according to a market source.
The issue priced at the tight end of guidance, which was set at 8¼% to 8½%.
AK Bars Bank, a commercial bank, will borrow the funds. The bank was established by the government of the Republic of Tatarstan.
Deutsche Bank and Citigroup were lead managers for the Regulation S deal.
| Issuer: | AK Bars Luxembourg SA
|
| Borrower: | AK Bars Bank
|
| Amount: | $250 million
|
| Issue: | Loan participation notes
|
| Maturity: | June 28, 2010
|
| Coupon: | 8¼%
|
| Issue price: | Par
|
| Yield: | 8¼%
|
| Spread: | 324 basis points more than Treasuries
|
| Lead managers: | Deutsche Bank, Citigroup
|
| Pricing date: | June 20
|
| Settlement date: | June 28
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price guidance: | 8¼% to 8½%
|
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