Ukrainian rocket maker Yuzhmash to bring $107.5 million seven-year deal

By Paul A. Harris

St. Louis, Jan. 13 - Yuzhmash, a Ukrainian rocket manufacturer, is heading into the market with $107.5 million of bonds due 2011 (B1/B), market sources said.

The issuer, according to ratings information from Moody's Investors Service, will be Colvis Finance Ltd., a special purpose entity based in the United Kingdom.

JP Morgan is heard to be the bookrunner for the Regulation S offering.

According to the information released by Moody's on Jan. 12 Colvis Finance Ltd. will issue the notes and then lend the funds to Yuzhmash. As a result, noteholders will not have a direct claim on Yuzhmash.

Dnepropetrovsk, Ukraine-based Yuzhmash plans to use proceeds from the sale for capital expenditures related to the Sea Launch project.

No timing for the offering was immediately available.

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