NLMK announces buy back of bonds for $100 million

NLMK intends to spend $100 million into a buy back a part of its eurobonds of the two series - for $800 million and $500 million, whose maturity date will be in 2018 and 2019 respectively.

The redemption will be held in the format of a Danish auction: the bondholders report to the company behind closed doors for how much they are ready to let them have the debt, and the company, considers the proposals and determines the price of the redemption. The receipt of the applications will end on July 16th.

In addition, the company must repay $915 million by the end of 2014, 15 billion rubles of which ($438 million at the current exchange rate) are ruble bonds, and the rest - are revolving credit lines for working capital financing and other loans.

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