Alrosa Completes Bond Placement on the MICEX Stock Exchange
June 25, 10
Russian diamond giant Alrosa announced that it has completed the placement of its Series 21 and 23 ruble bonds worth RUB 15 billion ($483 million) on the MICEX Stock Exchange.
The quarterly coupon of the RUB 8 billion ($257.7 million) Series 21 issue is set at 8.25 percent. The RUB 7 billion ($225.5 million) Series 23 was issued at 8.95 percent. Both issues mature in 5 years, with a three-year put option for the Series 21 bond.
The joint book runners of the placement were VTB Capital, TCB Capital and Renaissance Capital Investment Management.
Alrosa reported that the total demand for the bonds amounted to $821.4 million, with orders from 80 investors.
"Bond issuance is an important instrument of reducing and restructuring the Alrosa Group consolidated debt," the miner said Thursday.
"By the end of 2010 the financial debt is not to exceed RUB 100.7 billion 9$3.24 billion)", the company added.