By Wendy Van Sickle
Columbus, Ohio, April 28 – PJSC MegaFon said it priced RUB 10 billion of three-year exchange bonds with a coupon of 9.95%.
The coupon came at the low end of final guidance of 9.95% to 10%, which was lowered from the initial range of 10.2% to 10.4%, according to a company notice.
MegaFon said that it is the first Russian corporation to price single-digit coupon deal in 2016.
The books opened at 4 a.m. ET on Thursday and closed at 9 a.m. ET on the same day, with demand for the bonds leading to oversubscription by more than three times.
Placement on the Moscow Stock Exchange expected on May 12.
Proceeds will be used for general corporate purposes, including refinancing the company’s liabilities.
Gazprombank, Sberbank CIB, Raiffeisenbank and UniCredit Bank are the lead arrangers. Gazprombank is the placement agent.
The telecommunications operator is based in Moscow.
| Issuer: | PJSC MegaFon
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| Issue: | Exchange bonds
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| Amount: | RUB 10 billion
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| Maturity: | Three years
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| Coupon: | 9.95%
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| Lead arrangers: | Gazprombank, Sberbank CIB, Raiffeisenbank and UniCredit Bank
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| Placement agent: | Gazprombank
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| Settlement: | May 12
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| Guidance: | 9.95% to 10%%, reduced from 10.2% to 10.4%
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