RusHydro will place RUB 10 bn of bonds with a coupon rate of 12.75%
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) has finished accepting the bids for its non-convertible interest-bearing bonds of series 09 with par value of RUB 1,000 per bond and total par value of RUB 10 bn and determined the coupon rate. The bonds mature in 10 years from the date of placement. The bonds are subject to put option in 2.5 years.
The benchmark coupon rate for the first period was set in the range of 13.00%-13.25% per annum, which corresponds to yield to put (2.5-year put option) in the range of 13.42%-13.69% per annum. The coupons will be paid on a half-yearly basis.
During marketing campaign the initial coupon rate was down to 12.75%-13.00% with further reduction to 12.75%-12.85% per annum.
During the book building process the Company received 20 applications from investors. As a result of marketing campaign RusHydro set the first coupon rate at 12.75% per annum. The rate of 2-5 coupons was set at the same level.
Considering market conditions, price of placement, coupon rate and demand for bonds RusHydro decided to place the bonds in total amount of RUB 10 bn.
The start date of bonds placement is April 28, 2015. Sberbank CIB has been retained as an underwriter of the bonds placement. Sberbank CIB and VTB Capital act as lead managers of placement.
The bond issue was registered by the Bank of Russia Financial Markets Service on December 27, 2012 (state registration number 4-09-55038-E).
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
Shares / ADR