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Zaporozhstal to launch eurobonds worth USD300 mln in 2005

January 24, 2005 | Cbonds

Zaporozhstal metallurgical plant (Zaporozye, Ukraine) plans to issue eurobonds worth USD300 mln in 2005. The announcement was made by the company’s CFO Alexander Rabzun at the “Ukraine – 2005” Investment Conference.

According to Rabzun, the plant intends to mandate JP Morgan and Deutsche Bank as the issue lead-managers. The bonds are likely to yield around 10% p.a. The company counts on demand among investors from Europe, US, and South-East Asia.

Proceeds from the eurobond placement will be used for construction of a converter plant, and switch-over to steel production by converter process.

Zaporozhstal posted the net profit of 639.195 mln hryvnias in 2003, having increased its net income by 40.7% to 4725.749 mln hryvnias, as compared to 2002.

The plant specializes in manufacture of hot-rolled and cold-rolled steel sheets and coils, as well as steel traps and tin. At present all steel is made by means of open-hearth process. The plant uses 9 open-hearth furnaces with size of 250-500 tons and overall productive capacity of 4.35 mln tons of steel a year.

The Agency for securities market infrastructure development informed that in November of 2004 28.49% of the company’s shares belonged to Zapad-Reserve insurance company (Ukraine), 22.59% - to Global Steel Investments Ltd. (UK), and 19.8% - to Airol Beteiligungen AG (Switzerland).

Around 40% of shares are controlled by Midland Resources (UK), owned by two businessmen - Alex Schneider and Edward Shifrin. Zapad-Reserve is controlled by Igor Dvorezky, member of the supervisory board of Zaporozhstal.

Based on Ukrainski Novini data

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