By Rebecca Melvin
New York, Oct. 1 – Metinvest BV priced $500 million of 10-year notes and €300 million of long five-year notes (expected ratings: B/BB-), according to a market source on Tuesday.
The $500 million of 10-year notes priced at 98.629 to yield 7.95%, or a spread of U.S. Treasuries plus 633.5 basis points.
The €300 million of long five-year notes priced at 99.411 to yield 5¾%, or a spread of Bunds plus 653.2 bps.
Deutsche Bank AG, Natixis, and UniCredit were bookrunners of the Rule 144A and Regulation S notes.
Proceeds will be used for a tender offer for the company’s 7¾% 2023 notes and for general corporate purposes.
Metinvest is a Donetsk, Ukraine-based holding company of a group of mostly Ukrainian steel and mining assets.
| Issuer: | Metinvest BV
|
| Issue: | Senior notes
|
| Amount: | $500 million and €300 million
|
| Bookrunners: | Deutsche Bank AG, Natixis, and UniCredit
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 17
|
| Expected ratings: | S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 17, 2029
|
| Price: | 98.629
|
| Yield: | 7.95%
|
| Spread: | Treasuries plus 633.5 bps
|
|
|
| Long, five-year notes
|
| Amount: | €300 million
|
| Maturity: | June 17, 2025
|
| Price: | 99.411
|
| Yield: | 5¾%
|
| Spread: | Bunds plus 653.2 bps
|
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