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2010.02.05 | Severstal Columbus starts road show for $525 mln Eurobond Severstal Columbus, a U.S.-based subsidiary of Russian steelmaker Severstal, has started a road show for its U.S. $525 million Eurobond issue, Severstal said Monday.The funds raised from the offering will be used to refinance the project financing of Severstal Columbus. "The project financing supported the project at the initial stages, but currently has a large number of restrictions and covenants, which limits operational flexibility of the company,” Severstal said. Severstal took over 100% in Severstal Columbus, earlier known as SeverCorr, in June 2009 by acquiring the remaining 8.2% in the company from its management for $14.9 million. Severstal is an international, vertically integrated mining and metallurgy company with steel assets in Russia, North America, and Europe. PRIME-TASS backward |
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