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 number||DeloPorts LLC, 001P-01 |
|Type of debt instrument||Domestic bonds |
|Issue status||outstanding |
|Type of placement||Public |
|Par, currency of issue||RUB 1,000 |
|Registration date||07/06/2017 |
|State registration number||4B02-01-36485-R-001P |
|Start of placement||07/11/2017 |
|End of placement||07/11/2017 |
|Date of circulation start||07/11/2017 |
|Initial issue price||100 |
|Yield at pricing||9.62 |
|Coupon||Coupons 1-10: 9.4%. |
|Coupon frequency||2 time(s) per year|
|Settlement date||07/11/2017 |
|Maturity date||07/05/2022 |
|Issue Managers||Bookrunner: Gazprombank, Raiffeisen Bank, Sovcombank |
|Trading floor||Moscow Exchange, RU000A0JXVG0 (Third level, 07/06/2017) |
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.