Source Pravda.Ru

Severstal to Issue USD 94 Million Bond

The board of directors of Severstal has decided to issue a 3-billion-rouble (USD 94.3-million) bond. According to the company's press office, the issue of 3 million documentary interest-bearing unconvertible bonds with a nominal value of 1,000 roubles (USD 31.4) each will be placed by open subscription on the Moscow Interbank Currency Exchange (MMVB). The bonds must be deposited centrally and will be redeemable 1456 days after their issue.

The bond issue is being organised by the Industry and Construction Bank (St. Petersburg) and Troika Dialog investment firm. Interest coupons will be paid to bondholders every six months, with a total of 8 coupon periods. The interest rate for the first period will be determined during the auction on the MMVB on the first day of issue. The interest rates for the 2nd, 3rd, and 4th periods will be the same as for the 1st period. The interest rate for the 5th, 6th, 7th, and 8th periods will be determined by Severstal's board of directors. Severstal intends to use the funds raised by the loan to finance its investment programmes.

Severstal is a leading Russian producer of steel and metal products. It is the main company in the Severstal Group. The holding also includes Severstal Auto, Severstal Resource, and Severstal Trans. Production of rolled metal at Severstal totaled 8,534,500 tonnes in 2002, a 5.6% rise on the previous year. In 2003 the company plans to produce about 8.7 million tonnes of rolled metal and invest 7 billion roubles (USD 220 million).

© &to=http://www.rosbaltnews.com/' target=_blank>RosBalt

Comments
The Amazon and the New Conquistadores
The Amazon and the New Conquistadores
Russians lose faith in their future, get ready for worse
Without INF Treaty, USA can destroy Russian nuclear weapons easily
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Without INF Treaty, USA can destroy Russian nuclear weapons easily
USA plays to pretend a mighty dragon that can no longer breathe fire
USA plays to pretend a mighty dragon that can no longer breathe fire
Putin sees no drama if Russia misses Davos forum
Macron challenges Trump. French independence and croissants at stake
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Moving inexorably towards war
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin sees no drama if Russia misses Davos forum
How can Americans and Russians understand each other?
How can Americans and Russians understand each other?
How can Americans and Russians understand each other?
Brexit: The UK's misunderstanding of Democracy
Russian FM Lavrov warns of possible war between Russia and USA