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Severstal sets initial conversion price for US$200M convertible bonds

PAO Severstalsaid April 26 that the initial conversion price of the US$200 million convertiblebonds, representing a sum of reference price and a conversion premium of 17.5% tothe reference price, is now set at US$13.8.

The company recentlylaunched an offering of about US$200 million principal amount of senior unsecuredconvertible bonds due 2021, with proceeds to be used for general corporate purposes.

The settlement is expected to occur by April 29.

Citigroup Global Markets Ltd., Deutsche Bank AG, London Branch,JP Morgan Securities plc and Société Générale Corporate & Investment Bankingacted as joint book runners and joint lead managers.