25 Nov 2009 14:58
November 25, 2009
Acron placed Third Bond Issue of RUB 3.5 Billion at MICEX
Acron placed third bond issue at MICEX on November 25, 2009. Based on the tender results, the issuer set the first coupon rate at 13.85% per annum, making the bond yield over two and a half years 14.33% per annum.
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.
For Further Information:
Acron
Elena Kochubey - Tel: +7 (495) 777 08 65
Head of Public Relations
Ilya Popov - Tel: + 7 (495) 411 55 94
Head of Investor Relations
Notes to editors
Acron is a leading Russian and global mineral fertiliser producer with a diversified product portfolio consisting of multi-nutrient fertilisers such as NPK and bulk blends, and straight nitrogen-based products such as urea, ammonium nitrate and UAN. In 2008, the Group's output of ammonia and mineral fertilisers (exclusive of own use) totaled 3.6 million tonnes. The Group's key markets are Russia, China and other Asian countries, Europe, Latin America, and FSU countries.
Acron employs over 13,000 people In 2008 the Group's consolidated revenues under IFRS were RUB 43,132 million (US$ 1,734 million), and net income was RUB 9,891 million (US$ 398 million). Acron's ordinary shares are listed and traded on the MICEX, RTS and LSE stock exchanges under the symbol "AKRN".
Acron has three production facilities - Acron (Veliky Novgorod, Russia), Dorogobuzh (Smolensk Region, Russia) and Hongri Acron (Shandong Province, China). Acron's logistics and transportation capabilities include its own fleet of railway cars and three sea port trans-shipment facilities on the Baltic Sea - at the Kaliningrad port of Russia, at the Estonian Sillamäe port and at the Estonian Muuga port. The Group operates distribution networks in Russia and China.
Acron plans to enhance its vertical integration and secure supplies of phosphate and potash inputs through the development of its own mineral resource base. The Group owns licences to develop two apatite-nepheline ore deposits in the Murmansk region and a potassium-magnesium salts deposit in the Perm region (both located in Russia).
AKRN.L (AKRN)