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The senior unsecured convertible Eurobonds will mature in 5 years, the coupon has been set at 5.25% per annum. One bond is convertible into 4 TMK GDRs traded on the London Stock Exchange. As of February 4, 2010 one GDR was trading at USD 17.75. In case of conversion the issuer will redeem the bonds at a conversion price of USD 23.075, which represents a 30% premium. The proceeds from the offering will be used for refinancing the issuer’s existing indebtedness.
Andrey Soloviev, Head of DCM at VTB Capital, said: “Convertible bonds represent attractive investment, allowing bond holders to benefit both from the fixed income instrument with downside protection as well as the issuer’s equity growth”.Press office email@example.com Head of Press Natalia Cherepova Natalia.Cherepova@vtbcapital.com
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