Mechel to sell bond

Mechel, the one of the Russian mining and metal company, plans to sell a total Rubles 10 billion ($351 million) of bonds. The bonds will be sold in two portions of Rubles 5 billion each on the Moscow Interbank Currency Exchange, one maturing in five years and the second maturing in seven years. The funds from the bond placement are planned to be utilized to refinance the debt under the previous bond issues and to finance the long term investment programs of the company's subsidiaries.