MMK retires Eurobonds
Magnitogorsk Iron & Steel Works (MMK), one of Russia’s leading steel manufacturers, retired $300m worth of Eurobonds on October 21, 2008 through MMK Finance S.A.
The enterprise went through with the bonds issue in October 2003. The coupon interest rate was determined at 8% a year, so the coupon payments reached $120m by the time the bonds’ circulation period was over.
The money obtained through the bond issue was partially used to finance MMK’s investment program.
According to MMK Group’s consolidated statement (drawn up in compliance with the US GAAP) for the first half of 2008, MMK’s gross debt came to $1.364 on June 30, 2008, its net debt reached $208m.
The enterprise went through with the bonds issue in October 2003. The coupon interest rate was determined at 8% a year, so the coupon payments reached $120m by the time the bonds’ circulation period was over.
The money obtained through the bond issue was partially used to finance MMK’s investment program.
According to MMK Group’s consolidated statement (drawn up in compliance with the US GAAP) for the first half of 2008, MMK’s gross debt came to $1.364 on June 30, 2008, its net debt reached $208m.
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