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September 22, 2017

RusHydro has successfully closed bid book on RUB 20 Eurobond

September 22, 2017. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces closing and settlement of RUB-denominated loan participation notes (LPNs or eurobonds) in the amount of RUB 20 bn.

The placement of the 5-year LPNs was welcomed by international investors and the issue was oversubscribed 2x times.

More than ¾ of bids came from foreign investors in Asia, United Kingdom, Continental Europe and USA. Focus of RusHydro Group on development of the power sector of the Russian Far East and support of economic growth in the region led to record high demand from institutional investors from Singapore, China, Hong Kong and Taiwan, representing more than 40% of the issue volume.

Initial coupon rate target of 8.25% p.a. was reduced to 8.125% – the lowest level for Rouble-denominated eurobonds issued by Russian corporates since mid-2013. The spread to OFZ yield curve was 57 basis points or the minimum level among all issues by Russian corporates on international market for the period.

Nikolay Shulginov, Chairman of the Management Board – General Director of RusHydro said: “Successful comeback to international debt capital market confirms high level of trust to RusHydro as an efficient and reliable state-owned utility company. We intend to continue further development and strengthening of the RusHydro Group, including its operations in the Russian Far East, and noticed a high interest to the issue from international investors from Asian-Pacific and other regions of the world”.

The issue was assigned the following ratings: S&P: BB+; Moody's: Ba1; Fitch: BB+.

VTB Capital, JP Morgan, Gazprombank and Sberbank CIB acted as joint lead managers of the issue.

The placement and listing of the LPNs will take place on the Irish Stock Exchange under Reg S rule.

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