Razgulay Group now to place BO-16 bonds on MICEX May 11
MOSCOW. May 5 (Interfax) - OJSC Razgulay Group has moved placement of its 3-billion-ruble BO-16 exchange bond series to May 11, the company said.
Technical placement on the MICEX exchange had previously been planned for May 5.
Razgulay Group set the rate for the first coupon on its 3-billion-ruble BO-16 series exchange bond issue at 12% per annum, Razgulay said. The rates on the two subsequent coupons will be the same. There are six semiannual coupons in all, as the bonds mature in three years. There is a 1.5-year call offer.
Razgulay collected investor bids for the bonds from April 12 to May 3. The banks Petrocommerce and Zenit are the placement organizers.
The MICEX Stock Exchange admitted these bonds for trading April 8.
Razgulay currently has in circulation 2 billion rubles in BO-09 bonds maturing in December of next year.
In the spring of 2009, the group offered investors restructuring of debt on issues 2-4 totaling 8 billion rubles. The company redeemed the bonds past term, as it could not do so in the context of an offer.
At the end of last year, debt on over-due loans was up to 80% of the company's credit portfolio.
Razgulay is a major Russian agribusiness group that includes farming, grain and sugar divisions. The holding has 12 elevators, seven flour mills, three mills for processing groats and a dairy plant. It also controls 460,000 hectares of farmland, including 332,000 under cultivation in 2010.
Razgulay has capacity to process 4 million tonnes of sugar beets and 1.4 million tonnes of raw sugar a year at 10 sugar refineries in Krasnodar territory, the Belgorod, Kursk and Orlov regions and Bashkortostan and Karachaevo-Cherkessia.
Avangard Asset Management acquired 21.42% of Razgulay shares in October 2010 from group founder and President Igor Potapenko, whose own stake fell to 25.29%.
