The Russian steelmaker and iron ore producer Evraz Group (Evraz) has announced that it has priced a Ruble 20 billion (approx. $686 million) bond at an annual coupon rate of 13.5 percent.
Accordingly, the bond placement is expected to be completed on October 22, 2009, with the proceeds from the issue to be used to refinance Evraz's short-term debt.
The bonds, which will mature in 2019 and will have a five-year put option, will be used by Evraz's wholly owned subsidiary Sibmetinvest.
Russian banks Troika Dialog and VTB Capital are acting as joint bookrunners of the issue.