By Reshmi Basu
New York, Feb. 22 - JSC Sitronics, via Sitronics Finance SA, sold a $200 million debut offering of three-year bonds at 99.672 with a 7 7/8% coupon to yield 8%, according to a market source.
The issue priced at the tight end of price guidance, which was set at 8% to 8¼%.
Proceeds from the sale will be used for general corporate purposes, including the refinancing of short-term debt and for capital expenditures.
ABN Amro and Credit Suisse were lead managers for the Regulation S transaction.
The Moscow-based issuer is the technology arm of Sistema, a consumer services company in Russia and the Commonwealth of Independent States.
| Issuer: | Sitronics Finance SA
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| Guarantor: | JSC Concern Sitronics
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| Amount: | $200 million
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| Maturity: | March 2, 2009
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| Coupon: | 7 7/8%
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| Issue price: | 99.672
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| Yield: | 8%
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| Spread: | Treasuries plus 331 basis points
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| Pricing date: | Feb. 22
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| Settlement date: | March 2
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| Lead managers: | ABN Amro, Credit Suisse
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| Ratings: | Moody's: B3
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| Fitch: B-
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| Price guidance: | 8% to 8¼%
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