The Board of Directors of Commercial Real Estate FPK Garant-Invest has approved a program of exchange-traded bonds of the 002P series in the amount of 15 billion rubles inclusive or the equivalent of this amount in foreign currency, the company said.
The maximum maturity period for bonds placed under the perpetual program will be 67 years (24,388 days).
Earlier it was reported that the company had decided to prepare a new program of exchange-traded bonds, as well as new bond issues in the coming months.
In particular, the company plans to place an issue with a currency offer and a second issue of “green” bonds. “In the future, the issue of securitized bonds is also being considered. Taking into account the company's plans to transform into a public company, the possibility of converting bonds into shares in the future is also being considered for those who want to participate in their public offering,” the press release said.
In June, ACRA downgraded the credit rating of the issuer FPC “Garant-Invest” to “BBB- (RU)”, changing the outlook to “negative”. As noted by the agency, the company's credit rating is due to high industry risk, small business size, low coverage score, high debt burden, as well as average estimates of profitability and liquidity. The rating is supported by the company's strong business profile and geography.
Currently, there are 4 issues of the company's exchange-traded bonds in circulation for a total of 7.96 billion rubles.
FPC “Garant-invest” is a group of companies (including the bank “Garant-invest”) that specialize in investments and development of commercial real estate. The company owns and operates shopping and multifunctional centers in Moscow. Today, the company's portfolio includes such objects as TK “Gallery Airport”, TDK “Tulsky”, TTS “Kolomensky”, TEC “Prazhsky Grad”, TEC “Moskvorechye”, TTS “Retail Park”, TEC “Perovo Mall”, as well as a network of regional shopping centers “Small”.