By Reshmi Basu
New York, Feb. 16 - Ukraine's Azovstal Iron & Steel Works sold a $175 million offering of five-year fixed-rate notes (B3/B-) at par to yield 9 1/8%, according to a market source.
The deal priced in the middle of price guidance, which had been set at 9% to 9¼%.
ING was the bookrunner for the Regulation S transaction. MNB Capital markets was the joint lead manager.
The notes will become callable in two years at 102.
The issuer is a steel producer based in Mariupol, in Ukraine's Donetsk region.
| Issuer: | Azovstal Iron & Steel Works
|
| Amount: | $175 million
|
| Issue: | Loan participation notes
|
| Maturity: | Feb. 28, 2011
|
| Coupon: | 9 1/8%
|
| Issue price: | Par
|
| Yield: | 9 1/8%
|
| Spread: | Treasuries plus 453 basis points
|
| Call option: | Callable at 102 on Feb. 28, 2008
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 28
|
| Bookrunner: | ING
|
| Joint lead manager: | MNB Capital Markets
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price guidance: | 9%-9¼%
|
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