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.