Russia’s Novolipetsk Steel plans offering of seven-year senior notes, loan participation notes

By Rebecca Melvin

New York, Sept. 14 – OJSC Novolipetsk Steel, or the NLMK Group, through Steel Funding SAC plans to price dollar-denominated seven-year notes in addition to dollar-denominated loan participation notes, according to a news release.

It was reported last week that the company planned to price loan participation notes with proceeds earmarked for concurrent tender offers on two series of notes, among other things.

ING Bank NV, London Branch, J.P. Morgan Securities plc, Societe Generale and UniCredit Bank AG are joint dealer managers for the offers.

The stabilization period was expected to start Thursday and end Oct. 13.

Specifically, NLMK is tendering for $800 million of its 4.45% loan participation notes due 2018 for a purchase price equal to $1,017.50 per $1,000 in principal amount, and $500 million of its 4.95% loan participation notes due 2019 for $1,053.75 per $1,000 in principal.

NLMK is based in Lipetsk, Russia.

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