The Russian steel producer Evraz Group has announced that it has priced a three-year bond of Ruble 15 billion (approx. $506 million) at a coupon rate of 9.25 percent per year. Proceeds from the issue are intended to be used to refinance Evraz's short-term debt, and will not increase the company's total debt level.
Accordingly, the bonds are issued by Evraz's subsidiary EvrazHolding Finance, with the closing and settlement expected to be completed on March 26, 2010.
Troika Dialog, VTB Capital and Sviaz Bank are acting as joint arrangers and bookrunners of the issue.