Russia’s Rostelecom has started pre-marketing five-year bond placements worth a total Rbs15bn (US$477m). The placement is expected to be issued in two sets in the first half of November as part of Rostelecom’s Rbs100bn (US$3.2bn) bond programme.
The…
Russia’s Rostelecom has started pre-marketing five-year bond placements worth a total Rbs15bn (US$477m). The placement is expected to be issued in two sets in the first half of November as part of Rostelecom’s Rbs100bn (US$3.2bn) bond programme.
The first issue, ‘No.15’, will be worth a total Rbs5bn (US$159m) and the second, ‘No.17’, a total Rbs10bn (US$318m), the telco said in a statement today.
Both sets of bonds mature in five years, have a put option that can be exercised after three years and a coupon period of 182 days.
The order books are expected to open on 31 October and close on 1 November. The bonds are expected to be traded on the MICEX-RTS Stock Exchange and to be included on the ‘A1’ quotation list, the company stated.
VTB Capital, Gazprombank and Sberbank CIB are managing both placements.
Rostelecom announced in late March that its board of directors had approved bond issues totalling Rbs100bn to refinance existing debt and fund “strategic objectives”. On 16 October, the telco announced it had hired the three aforementioned local banks to organise the issues.
