Exchange combo carries Evraz to $850m
Russian steel company Evraz issued a new $850m bond this week, building the seven year deal around an exchange of more than half of its 8.75% 2013s. Arrangers Goldman Sachs, ING and VTB priced the new issue with a yield of 6.75%, in line with guidance of 6.625%-6.75% and an initial range of 6.7%-7%. Pricing was also comparable with Evraz’s April 2018s, at around 6.5%-6.625%.
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