FGC places 15 bln rubles in bonds Monday
MOSCOW. Dec 12 (Interfax) - OJSC Federal Grid Company (FGC) UES placed in full a 15-billion-ruble series-18 bond issue on Monday, the company said in a statement.
The bonds were placed in open subscription on the MICEX Stock Exchange for 12 years. Face value is 1,000 rubles.
The first coupon rate was established by book building at 8.5% per annum. Bids were accepted from December 5 to 7 by Troika Dialog , Renaissance Capital, Gazprombank, VTB Capital, and Sberbank of Russia .
First-coupon rate guidance at book opening was 8.45%-8.65% per annum, and the upper boundary was later decreased by 25 basis points, and the final guidance was 8.5% per annum.
The bonds were distributed among a wide circle of investors that included banks, investment and management companies. Combined demand more than doubled the bonds' face value at 32 billion rubles. The issuer was able to satisfy 43 bids after book building.
There is a 2.5-year put option. The rates for coupons 2-5 are the same as for the first.
The Federal Financial Markets Service (FFMS) registered the issue and prospectus of series 12-20 FGC bonds totaling 125 billion rubles. All the bonds have face value of 1,000 rubles.
The company has already placed its 13th, 15th and 19% bond issues, together amounting to 40 billion rubles. Series 6-11 totaling 50 billion rubles are in circulation as well.
The last time FGC entered the debt market was at end-October, when it placed series-15 (10 billion rubles) with a rate for coupons 1-6 of 8.75% per annum.
The placement proceeds will go to financing FGC's investment program.