Kazakhstan-based steelmaker Qarmet placed seven-year bonds worth $500 million with a coupon rate of 10.2% on the Astana International Exchange, according to a statement on the bourse's website on Thursday. The issue consists of 5 million bonds with a par value of $100, the second such issue since the company placed bonds worth $500 million at 11% per annum in September. Trading will begin on December 5.

Qarmet plans to use $150 million to refinance existing loans and $350 million to finance investment projects, including reimbursement of previously incurred capital expenditure and to further refinance debts. Qarmet was until 2023 owned by ArcelorMittal, the world's second-largest steel producer, when it was sold for $286 million to Qazaqstan Investment Corporation (QIC), a state-owned pri

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