Pipe Metallurgic Company placed the bonds

05.02.2010 (16:24)

Pipe Metallurgic Company (TMK) placed the $412mln worth eurobonds converted into GDRs, the company informed.

The circulating period expires in 2015; the conversion ratio being fixed at GDR/4 common stocks. The eurobonds were issued by TMK Bonds SA against the TMK backing, TMK TH, Volzhsky Pipe Plant.

Earlier, the Company was going to release the $350mln worth bonds but then the volume of the issue was increased. The raised funds will be used to refinance the short term debts.

It will permit to increased the share capital by 86166871 common stocks to invlve the stocks placed in favor of TMK Steel Limited (indirect holder having the working interest).

Morgan Stanley, UBS Investment Bank and VTB Capital are the book-runners.

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