By Susanna Moon
Chicago, Feb. 12 – PJSC MegaFon said it priced RUB 20 billion of three-year BO-001P-04 series bonds at par with a coupon of 7.2%.
Gazprombank, Raiffeisenbank and Sberbank CIB are the lead arrangers, with Gazprombank as the placement agent.
The coupon was expected to price between 7.3% and 7.4% and the issue size was expected to be RUB 15 billion, as announced Feb. 9.
MegaFon placed bonds “at record low rate as a result of strong investor interest,” according to a company update on Monday.
“The deal produced a strong positive reaction from the investor community, and in the first minutes after the book opening the amount of orders exceeded the offered amount by 2 times and the total orders for the bonds eventually exceeded RUB 50 billion,” the company said.
As a result, the company increased the offering to RUB 20 billion and set the coupon at 7.2% via the bookbuilding.
As previously announced, proceeds will be used for general corporate purposes and to refinance the company's existing liabilities.
MegaFon is a Moscow-based telecommunications company.
| Issuer: | PJSC MegaFon
|
| Issue: | Exchange bonds
|
| Amount: | RUB 20 billion, upsized from RUB 15 billion
|
| Maturity: | Three years
|
| Lead arrangers: | Gazprombank, Raiffeisenbank and Sberbank CIB
|
| Placement agent: | Gazprombank
|
| Coupon: | 7.2%
|
| Announcement: | Feb. 9
|
| Pricing date: | Feb. 12
|
| Guidance: | 7.3% to 7.4%
|
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