Russia’s Rostelecom is pre-marketing an Rbs10bn (US$326.4m) bond offering – its third issuance this year.
The state-controlled telco today announced the new ‘series 19’ bonds, which have a five-year maturity. The coupon period runs for 182 days…
Russia’s Rostelecom is pre-marketing an Rbs10bn (US$326.4m) bond offering – its third issuance this year.
The state-controlled telco today announced the new ‘series 19’ bonds, which have a five-year maturity. The coupon period runs for 182 days and a put option may be exercised after three years.
Order books are expected to open on 4 March and close the next day.
The issuance has been included on the ‘A1’ quotation list of the MICEX-RTS Stock Exchange.
VTB Capital, Gazprombank and Sberbank are organising the placement.
The offering forms part of Rostelecom’s Rbs100bn (US$3.26bn) bond programme. This year, the company has already placed an Rbs10bn bond and an Rbs5bn bond, both with five-year maturities.
Gov’t sill considering management changes
Meanwhile, Russian news agencies have reported that the government is still pursuing a management re-jig at Rostelecom. Both RIA and Interfax cited deputy prime minister Arkady Dvorkovich as saying the matter is “open and being discussed”.
Following a cabinet reshuffle last year, rumours sparked that CEO Alexander Provotorov, whose contract runs until mid-July 2015, may be replaced. They were reignited later in the year when the homes of Provotrov and his former business partner, a Rostelecom shareholder, were searched as part of a government-driven investigation unrelated to the company. Earlier local media reports said Provotorov could be replaced by Vadim Semyonov, head of state holding company Svyazinvest, with which Rostelecom is being merged. However, the Kremlin reportedly rejected the appointment.
