All funds raised from a 3bn ruble ($95m) loan bond issue will be invested in the implementation of projects in the metal industry, Severstal Group Deputy General Director Vadim Makhov told journalists. He did not specify the date of the issue.
As reported earlier, Severstal's bonds are expected to be issued in May 2003. The documents necessary for the registration of the issue are planned to be submitted to the Federal Commission for the Securities Market at the end of March. The maturity date is to be on the 1456th day after the issue is made. It will have 8 coupon periods.