Bids for a total amount of RUB 5.3 billion were made during the offering. Bidders indicated interest rates between 12.5% and 14.15% per annum. The entire issue was placed within one day at the auction.
The arranger of the offering is Raiffeisenbank, with Sberbank and Sviazbank as leading co-arrangers.
The bonds with a total par value of RUB 3.5 billion have a four-year maturity term and will pay coupons semi-annually. The interest rate for coupons 1-5 is 13.85% per annum, with the rate for following coupons to be established by the issuer at a later date. The issuer included a 2.5 year put option at par.
Fitch Ratings assigned a priority unsecured rating of B+ to Acron’s RUB 7 billion bond issue programme (second and third issues).
The proceeds of the bond issue will be used by the company to refinance the loan portfolio and finance its working capital.