Novolipetsk Steel talks euro-denominated five-year notes to yield mid-swaps plus 190-200 bps

By Rebecca Melvin

Concord, May 25 – Russia’s Novolipetsk Steel (NLMK) was talking a planned benchmark offering of euro-denominated senior loan participation notes to yield mid-swaps plus 190 basis points to 200 bps, according to a market source.

BofA Securities, JPMorgan and Societe Generale CIB are the joint lead managers and joint bookrunners for the Rule 144A and Regulation S notes.

The initial price talk was released in conjunction with expiration of an invitation by NLMK (acting via Steel Funding DAC as the offeror) to holders of its outstanding U.S. dollar-denominated notes due 2023 and 2024 to tender up to $500 million principal amount of the notes for cash.

The steel company is based in Lipetsk, Russia.

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