Sovcombank Co-arranges the Offering of 6-year STLC Eurobonds for $500 Million

MOSCOW, April 25, 2019 /PRNewswire/ -- State Transport Leasing Company (STLC, PJSC), a major Russian public company, has completed the offering of eurobonds for $500 million via the Euronext Dublin Irish stock exchange. The coupon rate for the offering was 5.95% per annum, the coupon period is 6 months, and the maturity date is 2025. The money raised through the offering will be allocated to finance the STLC general business operations including the refinancing of the company's dollar-denominated debt.

The joint arrangers for the offering were a pool of banks including J.P.Morgan, Société Générale, Sovcombank, VTB Capital, Gazprombank, and Renaissance Capital. The STLC eurobonds issue was assigned the BB rating by Fitch Ratings and was rated Ba2 by Moody's Investors Service.

The STLC new Eurobond issue attracted lots of interest from international investors. About 70% of the eurobonds issued were acquired by the UK, German, Austrian, Swiss and other Continental Europe investors, while Russian investors purchased 21% of the new issue instruments. The key investors were investment funds and management companies focusing on long-term investments. About 40% of the STLC new eurobonds were bought by banks.

Mikhail Avtukhov, Deputy Management Board Chairman and Head of the Corporate and Investments Block at Sovcombank said: "We are sincerely pleased to continue to work together as strategic partners with STLC as a major Russian lease business and to act as a joint arranger for the offering of the company's eurobonds. The top-professional syndicated offering team has enabled a wide market coverage for the issue, and STLC professionals have regularly promoted long-term relationships with investors, with all this bringing about the synergy so that a high quality order book was eventually brought into place and the cost of debt was appreciably lower versus the initial benchmarks."

Sovcombank PJSC is a private bank with assets of 863 billion roubles and the capital of 113 billion roubles in accordance with IFRS. The bank employs 16,000 employees in 3,000 branches and offices in 75 regions, located in 1,052 towns of the Russian Federation.

SOURCE Sovcombank

Related Links

http://sovcombank.com/about_us/

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED