OREANDA-NEWS. Siberian Coal Energy Company (SUEK) has completed the placement of Credit Linked Notes (CLN) worth a total of $175m.

The CLN issuance has exceeded SUEK expectations 3.5 times. The Credit Linked Notes have been placed at an annual coupon rate of 8.625%, the lower limit of reference rate.

"We are satisfied with the results of the first international issuance, and the way the investors responded to it," Vladimir Preobrazhensky, Deputy General Director for Economics and Finance, Chief Financial Officer of SUEK commented on the CLN placement. "The issue was placed with a wide range of investors: more than a half was acquired by European buyers, and the rest was evenly distributed among Asian and Russian investors."

SUEK has issued CLN for a period of two years with the aim to refinance its current credit portfolio. Issue managers are ING and TRUST Investment Bank.