By Susanna Moon
Chicago, Feb. 16 - HMS Group said its main operating subsidiary ZAO Hydromashservice placed RUB 3 billion of three-year corporate bonds in an offering that was 1.9 times oversubscribed "despite the high volatility of markets."
Investors placed about 30 orders totaling nearly RUB 5.9 billion, according to a company press release.
The coupon was set at 10¾% in a bookbuilding process, which was at the mid-level of price guidance of 10½% to 11%.
This is the first successful three-year placement among the borrowers with BB- rating by Standard & Poor's since last August, the release noted.
Renaissance Capital, Troika Dialog and VTB Capital are the lead arrangers.
The main demand for the issue was from Russian banks, asset management and investment companies and some subsidiaries of foreign financial institutions, the company said.
Moscow-based HMS Group is a pump manufacturer and provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors.
| Issuer: | ZAO Hydromashservice (HMS Group)
|
| Issue: | Corporate bonds
|
| Amount: | RUB 3 billion
|
| Maturity: | Three years
|
| Coupon: | 10¾%
|
| Lead arrangers: | Renaissance Capital, Troika Dialog and VTB Capital
|
| Settlement date: | Feb. 16
|
| Rating: | S&P: BB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
