PIK Group to conduct book building on 10 bln rubles in bonds on April 26
MOSCOW. April 24 (Interfax) - Russian property developer PIK Group will conduct book building on 10 billion rubles in series Bo-P02 exchange-traded bonds on April 26 from 11:00 a.m. until 3:00 p.m., a banking market source told Interfax.
The rate guidance for the 1st coupon is 11.25%-11.50% corresponding to a yield to maturity in five years of 11.73%-12.01% annually.
The 1,000-ruble bonds bear quarterly coupons. The rates of the 2nd-20th coupons will be set equal to the 1st.
The issue consists of amortization bonds: 8% of the face value will be redeemed on each of the payment dates for the 9th-19th coupons; and 12% on the final coupon payment date.
Technical placement of the bonds is scheduled for April 28.
The placement organizers are BCS Global Markets, Aton, Region Broker Company, VTB Capital , Credit Bank of Moscow's SKS Bank and Sovcombank.
PIK most recently placed 13 billion rubles in series Bo-P01 bonds in March.
The company currently has eight issues of exchange-traded bonds totaling 52 billion rubles in circulation.
