DGAP-News: Far Eastern Shipping Company: FESCO rouble bonds more than 2.5 times oversubscribed
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Far Eastern Shipping Company: FESCO rouble bonds more than 2.5 times
oversubscribed
04.06.2013 / 15:47
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June 04, 2013
FESCO rouble bonds more than 2.5 times oversubscribed
On May 30, 2013, Far-Eastern Shipping Company plc (Company, FESCO)
successfully priced three-year Russian rouble denominated exchange-traded,
non-convertible bonds for a total amount of RUR 5 bln.
During the pre-marketing, investors expressed high interest in the Company
bonds. As a result, FESCO extended the offering volume from RUB 3 bln to
RUB 5 bln. Bookrunners received orders from different groups of investors;
more than 60 accounts participated in the placement and total demand
exceeded RUB 12.8 bln.
At the date of book closing, the guidance was revised to 10.25%-10.50%
(from initial level of 10.50-11.00% p.a.). The deal was priced at the lower
end of the new guidance with more than 2-times oversubscription. The final
coupon rate amounted to 10.25% p.a. for the period to maturity.
The bonds have a call option in 1.5 years from the placement date at a
price of 102.00% from the nominal value.
The placement of Series BO-02 bonds takes place on MICEX on June 4, 2013.
Yury Gilts, FESCO President and CEO commented:
The high demand for the bonds and increased offering volume confirmed the
high level of investors' confidence in FESCO Group and its strategy on the
transportation market. The proceeds from the rouble bonds placement will be
used only for the refinancing of the exciting debt, and will not increase
the total debt of the Group. The positive effect of the rouble bonds
placement includes optimization of capital structure as well as
improvements in foreign currency mix.
The transaction was led by VTB Capital, Otkrytie Bank/NOMOS-BANK,
Raiffeisen Bank. Placement agent - Raiffeisen Bank
Co-arrangers - EFG Asset Management, Veles, UK Ingosstrakh Investments, UK
Capital
Managers - Asia-Pacific Bank, Pervobank, FC Uralsib, Promsvyazbank, UK
Trinfiko, SK Ingosstrakh.
Co-managers - KB FDB, NBD-Bank, Vostochny Express Bank
These materials are not for distribution, directly or indirectly, in or
into the United States (including its territories and possessions, any
State of the United States and the District of Columbia). These materials
are not an offer or solicitation to purchase or subscribe for securities in
the United States. Securities may not be offered or sold in the United
States absent registration with the United States Securities and Exchange
Commission or an exemption from registration under the U.S. Securities Act
of 1933, as amended. FESCO has not registered and does not intend to
register any securities in the United States or to conduct a public
offering of securities in the United States.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and otherpersons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons in (i), (ii) and (iii) above together being referred to as
'relevant persons'). Any securities described herein are only available
to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on
this document or any of its contents.
This press release may include 'forward-looking statements'. Such
statements contain the words 'anticipate', 'believe', 'intend', 'estimate',
'expect', 'will', 'may', 'project', 'plan' and words of similar meaning.
All statements included in this press release other than statements of
historical facts, including, without limitation, those regarding financial
position, business strategy, plans and objectives of management for future
operations (including development plans and objectives) are forward-looking
statements. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause actual
results, performance or achievements to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding present and future business strategies and
the relevant future business environment. These forward-looking statements
speak only as of the date of this press release, and the Group expressly
disclaims to the fullest extent permitted by law any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statement is based
About FESCO
FESCO is one of the largest Russian port owners and operators with
integrated rail and logistics businesses and primarily focused on
intermodal deliveries of containerized cargo. The Group owns port, rail and
shipping assets, which allow it to provide door-to-door logistics solutions
and control almost all steps of the intermodal transportation value chain.
The majority of FESCO's operations are located in the Russian Far East and
the Group benefits from growing trade volumes between Russia and Asian
countries.
FESCO controls the Commercial Port of Vladivostok, which has throughput
capacity of 3.9 million tons for general cargo and oil products, 150,000
vehicles and over 600,000 TEUs in containers. FESCO is one of Russia's top
10 private railcar operators providing services under the Transgarant
(100%) and Russkaya Troika (50% JV with Russian Railways) brands. The Group
owns a fleet of vessels mostly deployed through own line and logistics
operations. In 2012, consolidated revenue of FESCO Group reached USD 1,197
million.
End of Corporate News
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