By Susanna Moon
Chicago, Sept. 29 – PJSC MegaFon said it priced RUB 15 billion of five-year bonds at par with a coupon of 7.85%, at the tight end of 7.85% to 8% guidance.
BCS Global Markets, Gazprombank, Russian Agricultural Bank and UniCredit Bank were the lead arrangers, with Gazprombank as placement agent.
Proceeds will be used to finance the company's general corporate purposes and to refinance the company's existing liabilities, according to a notice from the issuer.
“7.85% per annum is the lowest rate ever for MegaFon's public debt instruments and the lowest rate for the Russian corporate bond market since 2014,” MegaFon chief financial officer Gevork Vermishyan said in the company press release.
“This deal is fully aligned with the company's strategy of managing its debt portfolio and liabilities efficiency,” Vermishyan said.
The company announced plans to price the bonds on Sept. 28.
The bonds will be listed on the Moscow Exchange on Oct. 9.
The bonds are offered under an exchange bonds program that began trading on April 20, 2016.
MegaFon is a Moscow-based telecommunications company.
| Issuer: | PJSC MegaFon
|
| Issue: | Exchange bonds
|
| Amount: | RUB 15 billion
|
| Maturity: | Five years
|
| Lead arrangers: | BCS Global Markets, Gazprombank, Russian Agricultural Bank and UniCredit Bank
|
| Placement agent: | Gazprombank
|
| Coupon: | 7.85%
|
| Announcement: | Sept. 28
|
| Pricing date: | Sept. 29
|
| Guidance: | 7.85% to 8%
|
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