Based on the bids received, Acron has set the first coupon rate at 7.95% per annum for its series 04 and 05 bond issues.
The two bond issues, with a total par value of RUB 7.5 bn, have a 10-year maturity and coupon yield payments every 182 days. The first coupon rate is 7.95% per annum. Before the offer, subsequent coupons are equal to the first coupon rate. According to the securities prospectus, Acron may change the coupon rate by making an offer to bond holders. The offer deadline is May 29, 2014 as resolved by the Board of Directors on May 25, 2011.
The arranger and paying agent for Acron’s bond issues is Sviaz-Bank, with Globex Bank, Bank Rossiya and Region Broker Company as leading co-arrangers.
Moody's Investors Service assigned a provisional (Р) В1 rating to Acron’s RUB 7.5 bn bond programme (series 04 and 05). The series 04 and 05 bonds are also included in the MICEX B Quotation List.
Acron’s series 04 and 05 bonds will be placed on May 31, 2011 at MICEX.
The proceeds from the placement will be used to refinance the Company’s debt and fund its investment projects.