TransContainer lowers 1st coupon guidance on 4th bond series to 8.35%-8.5%
MOSCOW. Jan 30 (Interfax) - OJSC TransContainer has lowered its guidance for the first coupon rate of its fourth bond series to 8.35%-8.5%, Alfa Bank , which is jointly organizing the deal with VTB Capital and Raiffeisenbank, said in its materials.
This new guidance corresponds to yield to maturity of 8.52%-8.68%.
Guidance for the first coupon was originally 8.9%-9.4%, but later TransContainer lowered it to 8.75%-9%, then to 8.5%-8.75%, corresponding to yield to maturity of 8.64%-8.94%. The issue has ten coupon periods, with equal rates for all the coupons.
TransContainer will start placing the five-year bonds, worth 5 billion rubles, on February 1. The placement will be made in the form of book building under open subscription on the MICEX Stock Exchange. Applications are being accepted until 5:00 p.m. Moscow time on January 30.
The bond redemption has an amortized structure - 25% of face value will be paid out on the payment dates for the seventh, eighth, ninth and tenth coupons.
TransContainer plans to use the proceeds from the bond issue mostly for debt refinancing.
There is the possibility of early redemption at the owner's request and the issuer's discretion.
At the moment, TransContainer has two classical bond issues (first and second series) worth 3 billion rubles each in circulation. The first-series bonds will mature on February 26 of this year.
TransContainer owns and operates roughly 59,000 large containers, more than 24,000 railway platforms for transporting them (some 60% of the overall number in Russia), and has a network of terminals at 46 stations in Russia and Slovakia.
TransContainer's shareholders are: OJSC Russian Railways (RZD) with 50% plus one share, FESCO Transportation Group with 21.1%, the European Bank for Reconstruction and Development (EBRD) with 9.25% and CJSC TransFinGroup, which manages non-state pension fund Blagosostoyanie, with 5.1%.
In January-September 2012, TransContainer boosted its net profit to International Financial Reporting Standards (IFRS) by 42.8% year-on-year to 4.273 billion rubles. Its revenue climbed 24.5% to 27.353 billion rubles, and earnings before taxes, depreciation and amortization (EBITDA) jumped 28.6% to 8.218 billion rubles.
