MMK announces the results of its RUR 5 bln bonds placement at MICEX
The total value of demand from investors exceeded RUR 13.8 bln which translates into more than 2.7 x oversubscription. 120 bids were sent for the tender. As the result the first annual coupon rate was at 8.50%, which is below the bottom of the earlier announced price range – 8.65–8.85%. The rate of the second, third, fourth, fifth and sixth coupon equals the first coupon rate. The overall number of satisfied bids was 44.
The managers of the placement are OAO “URALSIB” and ZAO “UniCredit Bank”.
MMK is among the world's largest steel producers and is one of the leaders of Russia's steel industry. The company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of higher value added products. In 2012 MMK Group produced 13 mln tons of crude steel and 11.9 mln tons of commercial steel products. The MMK Group's revenue in 2012 totalled USD 9.328 bln, with EBITDA at USD 1.356 bln.
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