DeloPorts places 3.5 bln rbl bonds with 9.4% coupon

July 12, 2017 - Cbonds


Russian stevedore company DeloPorts has placed 3.5 billion rubles of 5-year bonds with a coupon of 9.4% annually, the company said in a statement on Tuesday.

The coupon corresponds to a 9.62% annual yield to maturity.

Raiffeisenbank, Sovcombank, and Gazprombank acted as organizers of the placement.

DeloPorts has simultaneously offered to buy back 3 billion rubles of bonds placed in November 2015 at 13.8% before an offer scheduled for November 2018.

“The new 3.5 billion ruble issue of 5-year bonds allows us to prolong maturity of current liabilities of DeloPorts and to cut the cost of borrowing to 9.4% from 13.8%. The special feature of the deal is that the buyback yield was defined by the yield of placement of the new issue with a slight premium. As a result, investors used the offer for a total sum of 2.1 billion rubles,” the company said citing CEO of managing company Delo Andrei Bubnov.
Issuer, issue numberDeloPorts LLC, 001P-01
Type of debt instrumentDomestic bonds
Issue statusoutstanding
Type of placementPublic
Par, currency of issueRUB 1,000
Registration date07/06/2017
State registration number4B02-01-36485-R-001P
Start of placement07/11/2017
End of placement07/11/2017
Date of circulation start07/11/2017
Initial issue price100
Yield at pricing9.62
CouponCoupons 1-10: 9.4%.
Coupon frequency2 time(s) per year
Settlement date07/11/2017
Maturity date07/05/2022
Issue ManagersBookrunner: Gazprombank, Raiffeisen Bank, Sovcombank
Trading floorMoscow Exchange, RU000A0JXVG0 (Third level, 07/06/2017)
Cbonds page: DeloPorts LLC
Issuer profile:

DeloPorts is a holding company that owns and operates stevedore assets of Delo Group in the Port of Novorossiysk. DeloPorts consolidates a container terminal, a grain terminal and a bunkering services company. The company was established in 2012 when stevedoring assets of Delo Group were consolidated into a holding. DeloPorts' terminals are located in the Port of Novorossiysk on an ice-free bay.

Outstanding issues:
2 issuesRUB6,500,000,000
Issuer rating:
S&P Global RatingsBB-/StableForeign Currency LT11/07/2016
S&P Global RatingsBB-/StableLocal Currency LT11/07/2016
Fitch RatingsBB-/StableLT Int. Scale (foreign curr.)04/04/2017
150 000
issues: local and international bonds
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150 000
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