Novolipetsk Steel guides $500 million seven-year notes at 4 7/8% area

By Rebecca Melvin

New York, May 22 – Russia’s Novolipetsk Steel (NLMK) guided a $500 million offering of seven-year loan participation notes (expected ratings: Baa2/BBB-/BBB) to yield in the area of 4 7/8%, according to a market source on Wednesday.

Pricing was tightened from initial talk for a yield of 5% to 5 1/8%.

J.P. Morgan Securities plc, Societe Generale and ING Bank NV are bookrunners for the Rule 144A and Regulation S deal.

NLMK’s Steel Funding DAC is issuer of the notes.

The steel company is based in Lipetsk, Russia.

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