FGC reduces first coupon guidance for 12th series bonds worth 10 bln rubles to 8.1%-8.2%
MOSCOW. April 24 (Interfax) - OJSC Federal Grid Company UES (FGC) has reduced the first coupon guidance for its 12th series bond issue worth 10 billion rubles to 8.1%-8.2%, Troika Dialog , one of the placement organizers, said in a statement.
The new guidance corresponds to a yield on a four-year offer of 8.26%-8.37%. The coupon guidance earlier came to 8.2%-8.4%.
Applications will be accepted by VTB Capital, Gazprombank , Renaissance Capital and Troika Dialog until 5:00 pm Moscow time, April 24. The technical placement by open subscription on the MICEX is slated for April 27.
Each bond comes to 1,000 rubles at face value.
At the end of March, the company's deputy head, Andrei Kazachenkov, told journalists that FGC plans to end the debt market in the second quarter of 2012. "We'll go to the bonds market in the second quarter," he said, adding that the total placement might come between 10 billion-20 billion rubles. He also said that "depending on market trends, we might [place] more."
Kazachenkov said that FGC's current debt comes to 130 billion rubles. This figure should increase to over 200 billion rubles by the close of this year.
Russia's Federal Financial Markets Service (FFMS) registered the company's bond issues 12 through 20 worth a combined 125 billion rubles along with their prospectus in June 2011.
Funds received from the placement will go to financing FGC's investment program.
FGC placed its 18th series bonds worth 15 billion rubles at the end of 2011 with the first coupon at 8.5%
Including the 18th series bonds, the company has 10 issues in circulation worth a combined 95 billion rubles.
OJSC FGC UES controls Russia's trunk grid system. The company is state-controlled.