RusHydro has successfully closed the bid book on RUB-denominated Eurobonds
November 19, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces closing the bid book on RUB-denominated loan participation notes in the amount of RUB 15 billion maturing in November, 2024. International investors welcomed the placement.
The issue was oversubscribed ca. 5x times with investors from Asia-Pacific region, the UK and Europe representing 60% of the demand. Initial coupon target rate of 7 - 7.15% p.a. was reduced three times. The final coupon rate was set at 6.8% p.a. - an all-time low for RUB-denominated eurobonds issued by Russian corporates. The placement and listing of the LPNs will take place on the Irish Stock Exchange under Reg S rule.
Andrey Kazachenkov, member of the Management Board, First Deputy Director General emphasized that international and local investors' high interest in the company's latest Eurobond issue confirms RusHydro's status as a reputable borrower. Effective debt structure management helps improve operational efficiency and investment attractiveness of RusHydro Group and promotes international investment into Russia.
JP Morgan, VTB Capital, Sberbank CIB and Gazprombank acted as joint lead managers of the issue.
Earlier placements of debt by RusHydro in September 2017, February 2018 and November 2018 as well as the debut Eurobond placement denominated in renminbi (dim sum bonds) in November 2018 have also been welcomed by high interest from international investors.
RusHydro Group is the leading producer of renewable energy in Russia. It is Russia's largest generating company and is the fourth in the world with over 400 generating facilities in Russia and Armenia. The Group's total electricity generation capacity including Boguchanskaya HPP is 39.7 GW.
Russian Federation owns 61.20% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on the Moscow Stock Exchange. Group's GDRs are traded in the IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (495) 122 0555 ext. 1607, 1319, 1304
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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