TMK has upheld a decision to increase its Eurobond issue size to $600m from $400m, according to a banker close to the deal. The issue yields 10; it has a 3 year tenor. ABN AMRO, Barclays Capital, ING and UBS are lead-managing the issue. A road show for this issue was held in Asia and Europe. The deal is expected to close on July 29.
Issuer profile: Trubnaya Metallurgicheskaya (Pipe Metallurgical) Company controlls and manages plants of pipe manufacturing industry such as Severski Trubniy Zavod, Volzhskiy Trubniy Zavod, Sinarskiy Trubniy Zavod, Taganrogskiy Metallurgicheskiy Zavod, Romanian Artrom plant (group of Pipe Metallurgical Comapnies - PMC ). Plants of PMC group are among the major factories as to their production volume, share in the market and revenue. In 2002 PMC group shipped 2.1 mln tonns of pipe products to customers. Plants of PMC group manufactures over 40% of Russian pipes in wide assortment, 60% of which are produced for oil-and-gas companies.
