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DSW to Sell as Greek Contagion Widens Spreads: New Issue Alert

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April 29 (Bloomberg) -- DSW Holdings Inc., a unit of DS Waters Enterprises LP, is among companies marketing debt as contagion from Greece’s deficit crisis may lead to volatility on high-yield, high-risk debt.

DSW, the bottled-water distributor, plans to sell $475 million of seven-year senior secured notes, according to a person familiar with the transaction. Proceeds will be used to help repay outstanding debt, said the person, who declined to be identified because terms aren’t set.

The extra yield investors demand to own speculative-grade bonds instead of Treasuries will vary with the developments in Europe, said Robert Farmer, managing director at New York-based investment bank Kaufman Brothers. Spreads had steadily narrowed since peaking in February amid news Greece’s economy was weaker than previously thought before jumping April 27 as Standard & Poor’s cut the country’s debt rating to junk status.

“As long as there’s uncertainty in the marketplace, spreads are going to continue to be wider,” Farmer, who is Kaufman’s head of fixed income, said in an interview. “We’re going to see volatility continue as a result of the uncertainty in Europe. These issues have been priced into the market, but when you’re hearing the news you get a knee-jerk reaction.”

Spreads on debt rated below BBB- by S&P and Baa3 by Moody’s Investors Service narrowed 4 basis points yesterday to 555 basis points after jumping 13 basis points the day before, according to the Bank of America Merrill Lynch High Yield Master II Index. The index reached a 2010 high of 703 basis points on Feb. 12. A basis point is 0.01 percentage point.

Spain, Portugal Cut

S&P cut Spain’s credit rating one step to AA yesterday, a day after slashing Greece’s debt rating three steps to BB+, the first time a member of the euro zone has lost its investment-grade rating since the currency’s 1999 debut. The rating company also cut Portugal two steps to A+.

“The danger of Greece and Europe is credit formation,” Farmer said. “A lot of banks have Greece debt on their balance sheets they were using as collateral that they can’t use as collateral any more. That means balance sheets are going to shrink, and that will freeze credit. We have to be cognizant of that and the impact it may have on issuance.”

Reynolds Group Holdings Ltd., the maker of Reynolds Wrap aluminum foil, sold $1 billion of eight-year notes and Levi Strauss & Co., the jeans and apparel maker, issued $525 million of debt due in 2020 to lead $2.22 billion of high-yield sales yesterday, according to data compiled by Bloomberg.

Investment-grade spreads rose 1 basis point to 155 basis points according to the Bank of America Merrill Lynch U.S. Corporate Master Index.

KazMunaiGaz National Co., the Kazakh state-owned energy company, sold $1.5 billion of notes and Tyco International Finance, a division of the world’s largest maker of security systems, sold $500 million of debt to lead $2 billion of U.S. investment-grade issuance, Bloomberg data show.

Following is a description of at least $6.95 billion of pending sales of dollar-denominated bonds in the U.S.

Investment Grade

CHILE plans to sell $1 billion of dollar-denominated 10-year bonds, along with its debut sale of peso securities, Finance Minister Felipe Larrain said. The country will “certainly” issue the debt this year, Larrain said.

(Added April 26. See {45793Z CI <Equity> CN <GO>}.)

BELGIUM plans to add $500 million to its 2.75 percent 2015 bonds, according to a banker involved in the transaction. Deutsche Bank AG and Goldman Sachs Group Inc. are managing the sale, the banker said.

(Added April 22. See {111136Z BB <Equity> CN <GO>}.)

DOHA BANK QSC, Qatar’s third-largest bank, plans to sell senior notes in dollars, the lender said in a statement on the Qatari bourse, without disclosing the size of the offering.

(Added April 20. See {DHBK QD <Equity> CN <GO>}.)

FORETHOUGHT FINANCIAL GROUP INC. plans to sell $150 million of 10-year bonds, according to a person familiar with the transaction, who declined to be identified because terms aren’t set. Standard & Poor’s assigned the notes a grade of BBB-in a March 24 report.

(Updated April 1. See {1038698Z US <Equity> CN <GO>}.)

TRANSNET LTD., the South African state-owned transportation company, plans to sell U.S. dollar-denominated debt in a benchmark offering, according to a person familiar with the transaction. Transnet said in February that it planned to sell $2 billion of international debt to help fund infrastructure. Barclays Capital and Goldman Sachs Group Inc. are joint bookrunners for the offering, said the person, who declined to be identified because terms aren’t set.

(Updated April 27. See {1007Z SJ <Equity> CN <GO>}.)

Not Rated

The PROVINCE OF CORDOBA, Argentina, plans to sell as much as $350 million of bonds in international markets once the federal government completes a restructuring of defaulted debt, Banco de Cordoba said.

(Added March 18. See {TNI ARGENT NEWBON <GO>}.)

SENSIENT TECHNOLOGIES CORP. said it entered into an agreement with a group of four financial institutions for the issuance of $110 million in fixed-rate, senior notes, according to a Nov. 19 statement distributed by Business Wire. The company will issue seven-year debt in May with a fixed coupon rate of 4.91 percent and proceeds will be used to repay existing indebtedness, Sensient said in a March 1 regulatory filing.

(Updated March 16. See {SXT US <Equity> CN <GO>}.)

High Yield

DSW HOLDINGS INC., a unit of DS Waters Enterprises LP, plans to sell $475 million of seven-year senior secured notes, according to a person familiar with the transaction. Proceeds will be used to help repay outstanding debt, said the person, who declined to be identified because terms aren’t set. The debt may yield 9.75 percent to 10 percent, the person said. Morgan Stanley, JPMorgan Chase & Co. and Barclays Plc are managing the sale, the person said.

(Updated April 29. See {304312Z US <Equity> CN <GO>}.)

ONCURE HOLDINGS INC., the manager of radiation oncology treatment centers for cancer patients, plans to sell $210 million of seven-year senior unsecured notes, according to a person familiar with the transaction who declined to be identified because terms aren’t set. Proceeds will be used to refinance existing debt and for general corporate purposes, the person said. OnCure was acquired by Genstar Capital LLC in 2006, according to Bloomberg data.

(Added April 28. See {25426Z US <Equity> CN <GO>}.)

ASPECT SOFTWARE INC. may sell $300 million of notes due in 2017, according to a person familiar with the offering. The notes may be sold as soon as the week of May 3, the person said.

(Added April 28. See {CRTO US <Equity> CN <GO>}.)

SUSSER HOLDINGS CORP., the Corpus Christi, Texas-based operator of convenience stores, plans to sell about $425 million of senior notes due in 2016, the company said in a statement distributed by PR Newswire. Proceeds will be used to redeem outstanding 10.625 senior notes due in 2013 and to repay debt, the company said.

(Added April 28. See {SUSS US <Equity> CN <GO>}.)

HILLMAN COS. plans to sell $150 million of senior unsecured notes in connection with Oak Hill Capital Partners’ acquisition of the company, according to a company statement. Oak Hill is acquiring the company from Code Hennessy & Simmons LLC, Ontario Teachers’ Pension Plan and members of company management, Hillman said.

(Added April 27. See {220199Q US <Equity> CN <GO>}.)

LANTHEUS MEDICAL IMAGING INC. plans to sell $225 million of 7-year senior notes, according to a person familiar with the offering. Proceeds will be used to refinance the company’s credit facilities and to repurchase a portion of its outstanding preferred stock, said the person, who declined to be identified because terms aren’t set.

(Added April 27. See {3260744Z US <Equity> CN <GO>}.)

MARFRIG ALIMENTOS SA, the world’s fourth-largest meatpacker, plans to sell 10-year dollar bonds as soon as this week, a person familiar with the transaction said. The Sao Paulo-based company hired Credit Suisse Group AG, Banco Santander SA, Itau Unibanco Holding SA, Banco Bradesco SA and Banco do Brasil SA to arrange the sale, said the person, who declined to be identified because the terms aren’t set. The size of the offering wasn’t disclosed.

(Added April 27. See {MRFG3 BZ <Equity> CN <GO>}.)

COOPER-STANDARD AUTOMOTIVE INC. may sell $450 million of eight-year notes, according to a person familiar with the offering. Deutsche Bank AG, Bank of America Corp., Barclays Plc, and UBS AG are managing the sale, said the person, who declined to be identified because terms aren’t set.

(Added April 22. See {383124Z US <Equity> CN <GO>}.)

AMERICOLD REALTY TRUST, the operator of temperature-controlled warehouses owned by billionaire Ron Burkle’s Yucaipa Cos., plans to sell $300 million of 10-year notes, according to a person familiar with the transaction. Proceeds from the sale of senior secured debt will be used to purchase assets from Versacold International Corp., said the person, who declined to be identified because terms aren’t set. Yucaipa owns 49 percent of Versacold with an option to purchase the rest, according to an April 15 filing with the Securities and Exchange Commission. Moody’s ranks the debt Ba3.

(Updated April 22. See {ACRE US <Equity> CN <GO>}.)

RENAISSANCE CAPITAL, the commercial banking arm of Renaissance Group, is selling $225 million of three-year bonds with a 13 percent coupon, according to a banker with knowledge of the transaction. Moody’s assigned Renaissance an issuer rating of B2 and S&P affirmed its B ranking on the company.

(Updated April 22. See {1037Z RU <Equity> CN <GO>}.)

PENSON WORLDWIDE INC. plans to sell $200 million of senior secured second-lien debt, the company said in a statement distributed by Business Wire. The notes due in due in 2017 may be sold as soon as April 28, according to a person familiar with the transaction. The provider of services to securities brokers will use proceeds to repay about $100 million of existing debt and to bolster capital of regulated subsidiaries, the company said.

(Added April 21. See {PNSN US <Equity> CN <GO>}.)

BANCO FIBRA SA plans to sell $150 million of three-year, dollar-denominated notes, according to a person familiar with the offering. The Sao Paulo-based bank hired Banco Espirito Santo SA, BNP Paribas and HSBC Holdings Plc to arrange the sale of senior unsecured notes, said the person, who declined to be identified because terms aren’t set.

(Added April 21. See {1005Z BZ <Equity> CN <GO>}.)

BANCO INDUSTRIAL E COMERCIAL SA, the Sao Paulo-based lender known as BicBanco, may pay a yield of about 8.75 percent on its offering of 10-year dollar bonds, according to a person familiar with the offering. HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc are underwriting the sale of unsecured subordinated notes, said the person, who declined to be identified because terms aren’t set.

(Added April 19. See {BICB3 BZ <Equity> CN <GO>}.)

EXPORT-IMPORT BANK OF UKRAINE plans to sell $500 million of five-year bonds that may be priced to yield about 8.5 percent, according to people with knowledge of the sale. Citigroup Inc. and Credit Suisse Group AG are managing the sale of the notes, which will be issued through Biz Finance Plc.

(Added April 14. See {338702Z UZ <Equity> CN <GO>}.)

ESSAR STEEL HOLDINGS LTD. plans to raise at least $750 million through a sale of bonds denominated in U.S. dollars, according to a person familiar with the matter. Essar said in an e-mailed statement that it plans to issue senior unsecured notes due 2017. The company said it intends to use proceeds to refinance existing debt and for potential acquisitions.

(Added April 13. See {2235730Z IN <Equity> CN <GO>}.)

LEARNING CARE GROUP NO. 2 INC. is planning to sell $265 million of payment-in-kind notes that can pay interest in the form of added debt, according to a person familiar with the transaction. The company plans to issue five-year senior secured notes, of which 10.5 percent can be paid in cash and 2.5 percent in additional debt, said the person, who declined to be identified because terms aren’t set.

(Updated March 22. {ABS AU <Equity> CN <GO>}.)

COMMUNITY EDUCATION CENTERS INC. plans to sell $210 million of six-year, senior secured notes that may yield 12.75 percent to 13 percent, according to a person familiar with the offering. The notes, which can’t be called for the first 3.5 years, will be sold in a private placement, said the person familiar with the transaction. The company initially planned to sell the debt in a so-called 144A offering, will borrow the money through a private offering. Proceeds from the sale may be used to repay debt, the person said. Jefferies & Co. is underwriting the sale, the person said.

(Updated Feb. 17. See {995073Z US <Equity> CN <GO>}.)

PT CILIANDRA PERKASA, an Indonesian palm-oil company, may sell dollar bonds, a person familiar with the matter said. Ciliandra is a unit of Singapore-based First Resources Ltd.

(Added Nov. 16. See {1754889Z IJ <Equity> CN <GO>}.)

AO ASTANA FINANCE will offer senior creditors $350 million of new bonds, as well as recovery notes and 58.9 percent of voting shares, the lender said in a statement published through the Kazakhstan Stock Exchange. Holders of Astana Finance’s domestic notes will be offered 20-year tenge-denominated bonds with an 8 percent coupon, the lender said in the statement, which was dated Oct. 16.

(Added Oct. 20. See {ASFI KZ <Equity> CN <GO>}.)

The DOMINICAN REPUBLIC may sell as much as $600 million of bonds, said Roberto Cabanas, head of general financing at the Public Credit Office. The country, which hired Barclays Plc and Citigroup Inc. to arrange the offering, will begin meeting with bond investors April 23, said the person, who declined to be identified because terms aren’t set.

(Updated April 22. See {TNI DOMREP NEWBON <GO>}.)

Offerings in Pipeline

INEOS GROUP HOLDINGS PLC, the world’s third-largest chemicals company, said it’s raising 700 million euros ($923 million) from high-yield bonds to refinance some of its senior debt. The five-year senior-secured notes will be issued in euros and dollars though finance unit Ineos Finance Plc, the Lyndhurst, England-based company said in a statement.

(Added April 29. See {2523946Z LN <Equity> CN <GO>}.)

RENHE COMMERCIAL HOLDINGS CO., a developer of underground shopping malls in China, plans to sell bonds denominated in U.S. dollars, according to a person familiar with the offering. The Harbin, China-based company hired Bank of America Corp., Bank of China Ltd., JPMorgan Chase & Co. and UBS AG to manage the sale, according to a filing to the Hong Kong stock exchange.

(Added April 29. See {1387 HK <Equity> CN <GO>}.)

FANTASIA HOLDINGS GROUP CO. plans to sell bonds denominated in U.S. dollars, according to a person familiar with the matter. The Shenzhen, China-based property developer hired Bank of America Corp., Citigroup Inc. and UBS AG to manage the sale, the person said.

(Added April 29. See {1777 HK <Equity> CN <GO>.)

BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM received approval from the central bank to issue 7 trillion dong ($369 million) of notes and another 3 trillion dong ($158 million) worth of dollar-denominated notes in 2010, according to a statement on State Bank of Vietnam’s Web site.

(Added April 27. See {393438Z VN <Equity> CN <GO>}.)

PAN AMERICAN ENERGY LLC, the Argentine unit of London-based BP Plc, hired Credit Agricole CIB, HSBC Holdings Plc and JPMorgan Chase & Co. for its planned sale of 2021 dollar bonds.

(Added April 27. See {1118Z AR <Equity> CN <GO>}.)

METINVEST HOLDING LLC, Ukraine’s largest steelmaker, plans to sell dollar-denominated bonds in its first offering of international debt, according to a person with knowledge of the transaction. The Donetsk-based company controlled by Ukrainian billionaire Rinat Akhmetov appointed BNP Paribas SA, Credit Suisse Group AG, ING Groep NV, Royal Bank of Scotland Group Plc and VTB Capital to organize meetings with potential investors, the banker said.

(Added April 26. See {1008265Z UZ <Equity> CN <GO>}.)

BOLIVIA plans its first international bond sale in more than 70 years as early as the end of 2011, Finance Minister Luis Arce said. He didn’t disclose the size of the offering.

(Added April 26.) See {1003Z VB <Equity> CN <GO>}.)

BRASKEM SA, Latin America’s biggest petrochemical producer, plans to sell 10-year dollar-denominated bonds, according to a person familiar with the transaction. Banco do Brasil SA, Banco Bradesco SA, HSBC Holdings Plc and Banco Santander SA are arranging the offering, said the person, who declined to be identified because terms aren’t set.

(Added April 26. See {BRKM5 BZ <Equity> CN <GO>}.)

GLORIOUS PROPERTY HOLDINGS LTD. postponed its first sale of dollar-denominated bonds, citing unfavorable market conditions. The postponement was disclosed in an e-mailed statement by Callis Lau, an external spokeswoman for the Hong Kong-based bank. Glorious Property had planned to sell five-year bonds denominated in U.S. dollars, according to a person familiar with the matter who declined to be identified before a public announcement. Glorious said in a filing that it had hired Deutsche Bank AG, JPMorgan Chase & Co. and Standard Chartered Bank to manage the offering.

(Updated April 26. See {845 HK <Equity> CN <GO>}.)

FIRSTRAND LTD., South Africa’s second-largest banking group, said it postponed a planned sale of dollar bonds because a case filed against Goldman Sachs Group Inc. by the Securities & Exchange Commission in the U.S. and a volcanic ash cloud that disrupted global air travel made market conditions too volatile. The sale may now take place later this year, Andries du Toit, group treasurer at FirstRand in Johannesburg, said in an interview.

(Updated April 22. See {FSR SJ <Equity> CN <GO>}.)

AXIATA GROUP BHD., Southeast Asia’s second-largest mobile-phone operator, plans to raise $300 million to strengthen its capital through the first dollar bond sale by a Malaysian company in 2010. Goldman Sachs Group Inc. and Morgan Stanley will help the Kuala Lumpur-based company issue 10-year, fixed-rate notes, Axiata said in a stock exchange filing.

(Added April 19. See {AXIATA MK <Equity> CN <GO>}.)

KOREA FINANCE CORP. plans to sell $100 million to $200 million of foreign-currency bonds next month in its first overseas debt sale since October, Edaily reported, without citing anyone. The state-run agency also plans to sell $1 billion of global bonds in the U.S. in the second half of the year, the Korean-language online newspaper said.

(Added April 19. See {KORFAZ KS <Equity> CN <GO>}.)

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION of South Korea, also known as Nonghyup, plans to raise as much as $500 million from foreign-currency bonds to repay debt, according to a person with direct knowledge of the matter. The federation, which provides credit and banking services to farmers, plans to sell notes to help refinance about $600 million of bonds and loans, said the person, who asked not to be named as the plan is private. The bonds will probably be denominated in dollars, they said.

(Added April 19. See {1322Z KS <Equity> CN <GO>}.)

PTT PRODUCTION & EXPLORATION PCL, the Thai oil explorer, hired Credit Suisse Group AG and Royal Bank of Scotland Group Plc to help it sell global bonds, according to two people familiar with the matter who asked not to be identified as the plan is private.

(Added April 13. See {PTTEP TB <Equity> CN <GO>}.)

UNION BANK OF INDIA LTD. plans to sell bonds denominated in U.S. dollars, according to a person familiar with the matter. Barclays Plc, Citigroup Inc., Deutsche Bank AG and Standard Chartered Plc will manage the sale, the person said.

(Added April 8. See {UNBK IN <Equity> CN <GO>}.)

MALAYSIA will “most probably” sell global Islamic bonds denominated in dollars, Prime Minister Najib Razak said.

(Added April 7. See {TNI MALAY BON <GO>}.)

POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORP. of the Philippines sell between $750 million and $1.5 billion of dollar-denominated bonds “anytime” to help refinance maturing debt thru next year, Vice Chairman Jose Ibazeta said. The company manages the finances of state utility National Power Corp.

(Updated April 14. {791227Z PM <Equity> CN <GO>}.)

BRISBANE AIRPORT CORP., owner of Australia’s third-busiest airport, may sell bonds in the U.S. later this year as it pursues new markets to help refinance debt and pay for a new runway. The company is considering a 10- or 15-year U.S. private placement and a five- to seven-year Australian dollar bond sale in late 2010 or early 2011, Chief Financial Officer Tim Rothwell said in a phone interview from Brisbane.

(Added March 24. See 1515Z AU <Equity> CN <GO>}.)

VIETNAM NATIONAL COAL-MINERAL INDUSTRIES GROUP, the state-owned coal producer known as Vinacomin, plans to sell as much as $500 million of bonds overseas this year to fund mining and energy projects, according to Deputy Chief Executive Officer Nguyen Van Hai.

(Added March 23. See {3138489Z VN <Equity> CN <GO>}.)

UNO RESTAURANT HOLDINGS CORP., the operator and franchisor of 170 pizzerias, filed a Chapter 11 reorganization plan that calls for a $27 million offering of notes. The Boston-based company’s rights offering of second-lien notes would enable it to repay an outstanding loan and exit Chapter 11, it said in court papers filed in U.S. Bankruptcy Court in Manhattan. Secured debt holders Twin Haven Capital Partners LLC and Coliseum Capital Management LLC have agreed to backstop the notes offering.

(Added March 17. See {UNO US <Equity> CN <GO>}.)

FINLAND may sell five-year bonds denominated in dollars this year, the Finnish Treasury said in a document posted on its Web site.

(Added March 9. See {1306Z FH <Equity> CN <GO>}.)

POLAND may sell around $1 billion of five-year dollar bonds in May “at the earliest” and yen-denominated debt by the end of the year, Deputy Finance Minister Dominik Radziwill said. The country is rated A2 at Moody’s and A- at S&P and Fitch Ratings.

(Added: April 23. News: {TNI POLAND NEWBON <GO>})

SONGA OFFSHORE SE postponed its plans to issue $200 million of debt, but may return to the market in March with a larger offer, according to a person familiar with the transaction. In January, Songa hired Citigroup Inc. to issue seven-year bonds to repay existing debt and for general corporate purposes, it said in a statement.

(Updated Feb. 12. See {SONG NO <Equity> CN <GO>}.)

HUDSON PRODUCTS HOLDINGS INC. postponed its $250 million sale of six-year notes due to market conditions, according to a person familiar with the transaction. Hudson began marketing the six-year senior secured second-lien notes on Jan. 26, according to a person familiar with the offering. It has not specified when it plans to return to the debt market to sell high-yield notes.

(Updated Feb. 12. See {112116Z US <Equity> CN <GO>}.)

MONGOLIA plans to sell as much as $1.2 billion of bonds overseas this year to fund infrastructure to support its mining industry, Finance Minister Sangajav Bayartsogt said. This is Mongolia’s first benchmark offering of dollar-denominated debt. Investment banks are advising Mongolia to issue debt with maturities of between five and 10 years, Bayartsogt said in an interview. The securities may offer a yield of between 8 percent and 11 percent, he said.

(Added Feb. 9. See {TNI NEWBON MONGOLIA <GO>}.)

KOREA HYDRO & NUCLEAR POWER CO., a unit of state-run Korea Electric Power Corp., delayed a planned foreign-currency bond sale until after the first quarter, according to two people with direct knowledge of the matter.

(Updated Feb. 5. See {119089Z KS <Equity> CN <GO>}.)

BIRCH COMMUNICATIONS INC. is offering $100 million of senior secured notes due in 2015, with proceeds going toward refinancing debt, buying outstanding warrants for its common stock and general corporate purposes, including acquisitions, the Atlanta-based company said Nov. 30 in a statement. On Feb. 1, Moody’s withdrew its B3 rating assigned to the company’s notes, citing “recent indications” that Birch “will complete its note issuance under terms that are different than those that supported the rating assignment,” analysts Gerald Grnovsky and Russell Solomon wrote in a note. Birch is rated B- by S&P, the ratings company wrote Dec. 4 in a statement. “We’re currently holding discussions with interested parties and expect to finalize our offering in the near term,” Greg Corwin, director of marketing for Birch, said in a Jan. 11 telephone interview. Corwin said the status of the deal was “unchanged” in a Feb. 17 interview.

(Updated Feb. 17.)

VIETNAM SHIPBUILDING INDUSTRY GROUP, the state-owned company known as Vinashin, won government approval to sell as much as $600 million of bonds overseas to fund construction of ships. Vinashin plans to raise between $400 million and $600 million in a dollar-denominated bond sale “with a government guarantee,” Chief Business Officer Nguyen Quoc Anh said in a phone interview from the northern port province of Quang Ninh.

(Added Dec. 22. See {1052857Z VN <Equity> CN <GO>}.)

ANGOLA may begin the sale of international bonds by the end of June, Reuters reported, citing people it didn’t identify. The African country “is on course to get” its first credit rating from an international agency as it prepares to sell bonds abroad, Aguinaldo Jaime, director of state-run National Investment Agency, said Feb. 12. Angola previously sought to sell $4 billion of debt in an offering first announced in August. The deal was later postponed.

(Updated March 17 See {NI ANGOLA BN <GO>})

ALROSA, Russia’s diamond monopoly, may sell as much as $1 billion in foreign-currency bonds in the second half of 2010, RIA Novosti reported, citing Chief Executive Officer Fyodor Andreyev. The company is rated Ba3 by Moody’s.

(Added Sept. 29. See {1018Z RU <Equity> CN <GO>}

To contact the reporter on this story: Craig Trudell in New York at ctrudell1@bloomberg.net.

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net.

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