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Russia's X5 Retail to sell RUR 25 billion seven-year bonds in three tranches
By Reshmi Basu
New York, Feb. 1 - X5 Retail Group NV said its financing subsidiary, X5 Finance, will issue RUR 25 billion of seven-year callable bonds in three tranches via separate auctions.
The first tranche, which will include RUB 9 billion of seven-year bonds, will take place in March.
Proceeds from that issue will be used to refinance existing debt. The remainder of the proceeds will be used to refinance existing debt and to fund its store expansion.
OAO Vneshtorgbank, ZAO Raiffeisenbank Austria and ABN Amro Bank ZAO have been mandated as lead managers for deal.
X5 Retail Group, formerly Pyaterochka Holding NV, is a grocery retailer in Russia.
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