Russian agribusiness conglomerate Razgulay Group has started book building for its 3-year exchange bond issue worth 3 billion rubles, the company said in a statement Tuesday.

Razgulay Group plans to close the bidding book on April 21, while the placement is expected to be made at the end of April, the company said.

The guideline for the coupon rate is set at 11.50%–12.25% annually. The bonds are offered publicly in 1,000-ruble denominations and have an 18-month payback period.

Bank Petrocommerce and Bank Zenit are the organizers of the offering.

Established in 1992, Razgulay Group specializes in the processing and sale of agricultural products. It operates 24 grain facilities, 13 sugar mills, and one dairy plant in Russia.

PRIME-TASS