Investors are in no hurry to sell Obuv Rossii bonds
In May this year, Obuvrus LLC, a subsidiary of Obuv Rossii Group of Companies, announced two early offers for the repurchase of series 01 corporate bonds in the amount of RUB 350 and 340 million, respectively. Raiffeisenbank acted as the bond purchase agent. Obuv Rossii was ready to execute both offers in full, purchasing the bonds at a price of 100% of par, as well as paying the accumulated coupon yield calculated as of the date of acquisition. But, despite this fact, during the second offer, which took place on May 29, bonds were presented for redemption not for the full offer amount, but only for 228 million rubles. As a result, 17% of the bond issue in the amount of RUB 117,5 million is still in circulation.
“In the past 3 years, our company has been annually increasing its revenue and profit by 40-50%, which is several times higher than the growth rate of the footwear market as a whole. This allows us to deliver high rates of bond yields. - comments Anton Titov, director of Obuv Rossii Group of Companies. “Some investors, despite the announced early offer, preferred to keep the securities, although only a month remains before the official maturity date.”
Three-year corporate bonds of series 01 in the amount of 700 million rubles were placed by Obuv Rossii Group of Companies on the Moscow Exchange in July 2011 by open subscription. The rate for coupons 1-3 was set at 12,25%, for coupons 4-6 - 12,85% per annum. The maturity date of the loan is June 25, 2014.
In May of this year, Obuvrus LLC, a subsidiary of Obuv Rossii Group of Companies, announced two early offers for the repurchase of series 01 corporate bonds in the amount of 350 and 340 million rubles ...
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