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ALROSA successfully completed book building for its 7-year Eurobond issue

18 june 2020

alrosa_logo.jpgALROSA has completed the book building for its $500 m 7-year Eurobond issue. The coupon rate is 3.1%, said the company.
The book was closed on 17 June, with demand exceeding supply by over three times. Investors from continental Europe, UK and Russia bought 33%, 25% and 20% of the issue, respectively. The remainder went to Asian and MENA, and US investors (11% for each group). The split by type was as follows: asset managers and funds – 62%, banks – 28%, insurance companies – 6%, and hedge funds – 4%. 
The issue was arranged by J.P. Morgan, Societe Generale, VTB Capital and Gazprombank.
ALROSA plans to use the proceeds for refinancing the existing bank debt and for general corporate purposes. Its only debt to be repaid in 2020 is $494 m of outstanding Eurobonds issued in November 2010.
ALROSA is the world's largest diamond mining company.
The company accounts for 26% of the global and about 90% of Russian diamond production.

Victoria Quiri, Correspondent of the European Bureau, Rough & Polished, Strasbourg