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RBC makes partial repayment of credit linked notes

June 16, 2008 RBC
Moscow, June 11, 2008 - OAO RBC Information Systems (MICEX, RTS: RBCI) informs about a partial repayment of credit linked notes (CLN), which were placed in June 2006 with a fixed coupon rate of 9.5% p.a. RBC transferred to note holders the principal repayment of $56.5m, which equals 56.5% of the total issue.

The company placed its debut CLN issue with a total volume of $100m two years earlier. The notes have a maturity of 3 years with the fixed coupon rate of 9.5% p.a. Dresdner Bank AG acted as the issuer of the notes. The notes were issued on the back of a loan extended by Dresdner Bank AG to RBC Investments (Cyprus), the loan was guaranteed by OAO RBC Information Systems and ZAO RBC-TV. The issue was organized by MDM Bank and Aton Capital Limited.

As a result of the partial repayment made, RBC's total debt decreased by 36.3% from $214m as of the end of 1st quarter of 2008 to $157m at present1. Based on the management forecast for 2008, RBC total revenue is expected to reach $265-275m, and total EBITDA will amount to between $75-85m.
  • Status
    redeemed
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    43,500,000 USD
  • М/S&P/F
    — / — / —
Company — RT Prof-Real
  • Full name
    RT Prof-Real
  • Registration country
    Russia
  • Industry
    Other sectors