For more information, get in touch with our team:
+44 7918 53 08 73
Hint mode is switched on Switch off
  • High performance interface for global bond market screening
  • Full information on close to 500,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 100 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

IFD Kapital Borrows Under Receipt

November 22, 2007 Kommersant
Controlled by top managers of LUKOIL, IFD Kapital is going to place bonds for a total worth of $1.25 billion to fund the acquisition of TGC-8. The bonds will be convertible and secured by LUKOIL stocks. Last time, the companies of Russia referred to this method of raising money five years ago, when foreign investors were rather cautious about buying their bonds.
IFD Kapital released the issue parameters yesterday, October 18, 2007. The issuer is the Cayman Islands-incorporated Cayman Exchangeable Funding 1 Limited. This firm is linked to IFD Kapital via the Cyprus Reserve Invest Holding Limited. The issue will be one of the biggest borrowings of Russia’s companies – its size will reach $1.25 billion. The bonds will mature November 17, 2010.

Their coverage is 20.115 million depository receipts of LUKOIL (or 20.115 million stocks), 1,612.4 receipts for each bond. Citibank is the arranger and the coupon rate is estimated at 6 percent to 6.75 percent.

IFD Kapital unites former financial assets of Russia’s oil blockbuster LUKOIL, including a brokerage company, superannuation funds, insurers, Bank Petrocommerce. The principal beneficiaries are top managers of LUKOIL – Leonid Fedun and Vagit Alekperov.

As of June 30, 2007, 11.2 million stocks of LUKOIL (1.3 percent) were kept in the unit funds managed by the firms of the group. Via Resource Unit Fund, the group also controls Promregionholding, which owns a stake in TGC-8 (Territorial Generation Co.-8
  • Status
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
    1,262,000,000 USD
  • М/S&P/F
    — / — / —