PJSC Cherkizovo Group (MOEX: MCX: GCHE) has set the final coupon rate for the 1st coupon of BO-001R-03 series bonds with a maturity of 3.5 years with a circulation of at least 6 billion rubles at 6.20% per annum, the company said. …
The benchmark corresponds to the yield to maturity of 6.35% per annum. Quarterly coupons.
The collection of applications took place on September 17 from 11:00 Moscow time to 16:00 Moscow time.
The benchmark for the 1st coupon rate was lowered several times from the initial 6.30-6.50% per annum.
The placement was organized by FC Otkritie Bank (MOEX: OFCB) and Sberbank CIB.
The technical placement is tentatively scheduled for September 18.
The issue will be placed under the program of the 001P series company in the amount of up to RUB 30 billion, registered by the Moscow Exchange (MOEX: MOEX) in September 2015.
The previous time, the company entered the debt market in November 2019, placing then bonds with a maturity of 3.5 years in the volume of 10 billion rubles at a quarterly coupon rate of 7.5% per annum.
Currently, there are two issues of the company's exchange-traded bonds in circulation, placed under the 001P series program, totaling 15 billion rubles.
The Cherkizovo Group is one of the three largest Russian producers of chicken, pork and processed meat products. The group includes nine full-cycle poultry farms, 16 pig farms, eight meat processing enterprises, as well as nine feed mills and more than 287 thousand hectares of agricultural land. The main owners of the company are members of the Mikhailov family, who together control 82.1% of the share capital.
At the end of August, ACRA assigned the company an A + (RU) credit rating with a stable outlook. “The rating is due to a strong business profile, very high liquidity rating, high level of corporate governance and high profitability. The rating is constrained by the average level of debt burden, weak cash flow and average estimate of the company size,” the agency said.