New York, Jan. 29 – Sistema PJSFC priced RUB 10 billion of series 001P-07 exchange-traded bonds with a 10-year maturity at an initial coupon of 9.8%, according to a company announcement.
The deal came at the tight end of talk for a coupon of 9.8% to 10%, or a yield to put of 10.04% to 10¼%.
The 9.8% coupon rate applies to the first two coupons, each payable for a period of 182 days.
Bondholders have a put option after one year.
Gazprombank, VTB Capital, Sberbank CIB and BCS Global Markets were lead managers for the issue with Gazprombank in the role of placement agent.
“This transaction underscores the high level of trust that debt capital market participants have in Sistema as a high-quality borrower,” said senior vice president and chief financial officer Vsevolod Rozanov in the announcement. “The successful placement of exchange-traded bonds will allow the corporation to continue optimizing the structure of its liabilities and also to reduce the cost of debt.”
Sistema is a Moscow-based diversified holding company.
| Issuer: | Sistema PJSFC
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| Issue: | Series 001P-07 exchange-traded bonds
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| Amount: | RUB 10 billion
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| Maturity: | 10 years
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| Coupon: | 9.8% for first two 182-day periods
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| Put: | After one year
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| Lead managers: | Gazprombank (placement agent), VTB Capital, Sberbank CIB and BCS Global Markets
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| Co-managers: | MTS Bank and East West United Bank SA
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| Announcement date: | Jan. 29
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| Settlement date: | Feb. 2
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