Russia's Acron sets coupon for RUB 5 billion three-year bonds at 9¾%

By Toni Weeks

San Diego, Oct. 12 - Acron said its RUB 5 billion issue of series BO-01 exchange-traded bonds will have a coupon of 9¾% per year, according to a company press release.

Orders for the company's first exchange-traded bonds closed on Friday. The bonds will trade on the Moscow Exchange beginning on Tuesday.

The bonds have a three-year maturity and will pay interest semiannually.

Sviza-Bank is the underwriter and an arranger along with VTB Capital.

Proceeds will be used to refinance Acron's short-term debt.

The company's board of directors announced last May that it had decided to place RUB 15 billion of bonds in three three-year issues at par of RUB 5 billion each.

Acron is a Veliky Novgorod, Russia-based mineral fertilizer producer.

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