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Friday July 13, 5:27 PMRussia Severstal-Avto eyes 3 bln rbl bond July 25MOSCOW, July 13 (Reuters) - Russian carmaker Severstal-Avto plans to place a 3 billion rouble ($117.6 million) bond on July 25, the company said on Friday.Severstal-Avto said in statement it would use the proceeds from the issue, organised by Raiffeisenbank Austria, to refinance its credit portfolio. The bond will be due in 2013. Chief Financial Officer Nikolai Sobolev previously said the company planned to issue a three-year bond in the first half of the year to fund construction of a car plant. Severstal-Avto plans to launch a $130 million plant in Tatarstan with a capacity of 75,000 cars a year in the fourth quarter of 2007 and plans to build Ducato vans in cooperation with Italian car maker Fiat . The company, which controls off-road vehicle maker UAZ and the Zavolzhsk engine plant , has said it also plans to assemble 20,000 Fiat Albea sedans and 19,000 Doblo minivans per year. In October 2006 it also signed an agreement with Korea's SsangYong to assemble 20,000 Kyron off-road vehicles annually in Russia starting in March 2007. The company currently has one outstanding bond worth 1.5 billion roubles and maturing in January 2010. |
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