Evraz greenshoe exercised, lifts 7.25% convertibles to $650 million

By Devika Patel

Knoxville, Tenn., July 24 - Underwriters for Evraz Group SA's offering of 7.25% five-year convertible bonds exercised their over-allotment option in full for $50 million more of the convertibles, increasing the size of the issue to $650 million, the company said in a press release.

As previously reported, the company sold the notes at par on July 9 via joint bookrunners Goldman Sachs International, Morgan Stanley & Co. International and Deutsche Bank AG.

The bonds have an initial conversion premium of 28% and a conversion price of $21.12.

Proceeds are intended to be used to refinance existing debt and for general corporate purposes.

Evraz, a Moscow-based vertically integrated steel and mining concern, plans to list the bonds on the Professional Securities Market of the London Stock Exchange.

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