Evraz in $900m share sale as refi struggles

Russian steel maker Evraz is turning to the equity market with a $900m convertible bond and ordinary share offer in a bid to refinance some of its short term debt, much of which is held by international lenders. But the company has also warned it could breach some of its financial covenants, which would lead to a cross-default on its bonds and loans, and was considering seeking a waiver.

  • 08 Jul 2009
Evraz’s share sale will come in the form of a $600m convertible bond offer as well as a $300m placing, and both deals are set to be priced this week. The equity placement will comprise the company’s London-listed global depositary receipts (GDRs) which represent ordinary shares in Evraz. ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%