Magnit sets coupon on BO-05 exchange bonds at 8% (Part 3
MOSCOW. Mar 2 (Interfax) - OJSC Magnit has set the first coupon for exchange bond series BO-05 at 8%, the retailer said in a statement.
The company opened the bid book for its three-year BO-05 exchange bonds worth 5 billion on February 17. Applications will be accepted until 3:00 pm Moscow time, March 2. The placement is slated for March 4.
It reduced the guidance on the first coupon for exchange bond series BO-05 to 7.75%-8% from 8%-8.25%. The new guidance corresponded to yield of 7.9%-8.16%.
Troika Dialog and Sberbank took the bids.
Troika Dialog said in a press release on March 2 that investors made 47 bids at 7.75%-8.25% and that demand was 7.1 billion rubles.
Magnit manages the biggest retail chain in Russia in terms of total outlets. As of December 31, 2010, Magnit's chain came to 4,002 convenience stores, 51 hypermarkets and two self-service stores. The majority of Magnit's stores are located in the Southern, North Caucasus, Central and Volga Federal Districts.
The company's IFRS sales revenue for the first half of 2010 came to $3.448 billion while EBITDA stood at $252 million.
