Russian steel company OAO Severstal (SVST.L)said Thursday that its Board of Directors has approved the launch of a Russian Ruble bond program which provides the company with the potential to issue up to RUB 80 billion.
The launch of the program is a technical procedure to facilitate Severstal's potential access to debt capital markets and would be mainly used to refinance the company's debt portfolio.
Severstal launched a similar bond program in 2009 with the potential to issue up to RUB 45 billion.
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by RTT Staff Writer
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