Bulgaria's Kremikovtzi Steel poised to market €300 million to €350 million seven-year notes

By Paul A. Harris

St. Louis, March 21 - Bulgaria's Kremikovtzi Steel is expected to begin a roadshow this week for an offering of between €300 million and €350 million of its seven-year senior secured notes, according to market sources.

Merrill Lynch has the books for the Regulation S offering that is expected to continue being marketed into the week of March 27.

The notes come with four years of call protection.

Proceeds will be used to fund capital expenditures and planned investments for making the company environmental friendly, as well as to repay debt and for general operational and business purposes.

The prospective issuer is Bulgaria's largest steel company. It has headquarters in Sofia.

Kremikovtzi produces various products through iron ore processing, iron slurry concentration, coke production, blast furnace and basic oxygen converter facilities, electric arc furnace facilities, ferroalloy techniques, ingot casting, hot- and cold-rolling and protective coating applications.

The company has also recently commenced continuous casting operations.

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