Russian company Mechel completes offering

Posted In: Materials

By The Associated Press

Tuesday, March 16, 2010


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Russian mining, metal and utilities company Mechel OAO said Tuesday that it completed placement of its interest-bearing commercial paper.

The nominal value of the commercial paper is 1,000 rubles each ($34.02) and the total nominal value of the placed commercial paper is 5 billion rubles.

The coupon rate is set initially at 9.75 percent per year.

Mechel shares rose $1, or nearly 4 percent, to $26.84 in New York Stock Exchange trading Tuesday.

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