On March 30, OR GROUP (formerly Obuv Rossii) announced a technical default on exchange-traded bonds series 001P-02 (ISIN RU000A1015P6). The Group's subsidiary OOO OR did not pay coupon 28 for the total amount of 9,7 million rubles. The company has time to fulfill its debt obligations to bondholders - until April 13. If this does not happen, the issue will face a full-fledged default, writes RBC.
According to the emission documentation of the issue, coupon income is paid every 30 days - if an overdue coupon is paid on April 13, then the company will have to pay the next one on April 29. The coupon yield of each bond is 9,86 rubles. at a rate of 12% per annum.
The technical default announced today has become the third since the beginning of the year on the bonds of OR LLC: earlier there was a default on the issue of bonds of the BO-07 series, as well as a technical default on the issue 001R-01 due to non-payment of amortization and a warning was issued about the risk of default under an early offer for this issue.
The company did not indicate specific reasons for non-fulfillment of obligations on the issue of 001P-02. The announcement of the technical default states that the group has been working on restructuring its debt portfolio since mid-February. Trading stocks are being sold, unprofitable stores are closed. Recall that OR Group is included in the list of backbone enterprises in the light industry.
OR Group (formerly Obuv Rossii Group of Companies) develops the Westfalika chain of stores, which presents a wide range of products from different manufacturers and the online marketplace westfalika.ru. The network of sales and service points under the Westfalika brand includes more than 700 objects in more than 295 cities of Russia. The company is included in the list of backbone enterprises in the field of light industry. In 2020, the group's revenue amounted to 10,8 billion rubles, net profit - 0,6 billion rubles, EBITDA - 2,3 billion rubles.
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