27th Mar 2019 10:29
LONDON (Alliance News) - Russian steel firm Evraz PLC on Wednesday said a subsidiary is to sell a stake in a non-core asset for USD32.3 million.
Evraz Group SA has exercised a put option to sell 17.0 million shares in PJSC Yuzhniy GOK to Lanebrook Ltd. The shares represent around 1% of Yuzhniy, an iron ore producer in Russia.
Last September, Lanebrook distributed its entire 63% stake in Evraz to its shareholders.
Evraz shares were 0.2% higher on Wednesday at 611.40 pence each.
Earlier Wednesday, Evraz said 83% of its note holders have accepted its tender offer. Evraz earlier in March had said it would offer to buy the outstanding USD700 million of its 6.50% notes due in April 2020.
It is paying USD1,038 per USD1,000 in principal amount of the notes.
On Wednesday, Evraz said note holders covering USD580.5 million have accepted the tender, meaning USD119.5 million is outstanding.
In another separate announcement Wednesday, Evraz priced a new USD700 million note issue with a coupon of 5.25%. This note, maturing April 2024, will help finance the tender offer.
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