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RBC mulls debt restructuring

March 24, 2009 RBC
Renaissance Capital offers a debt restructuring scheme to the cash-strapped media group

Renaissance Capital investment bank said yesterday that it had sent its debt restructuring proposals for RBC Information Systems to the group’s shareholders and creditors. In return for the service, the bank seeks a 65-percent stake in RBC, which would then go to Onexim. Renaissance Capital touted its scheme as the best possible solution, which will also help RBC strengthen its position on the media market.

Under Renaissance’s plan, RBC will issue new shares, leaving Onexim Group with a 65-percent stake in RBC, with another 10 percent going to RBC’s creditors, among them Renaissance itself.

According to Renaissance Capital head Ruben Aganbegyan, Onexim will provide some $35 million, $20 million of which will be used to pay the group’s debts, and the rest will be invested in RBC’s current projects. “We believe that Onexim’s participation will boost the issuer’s credit rating,” Aganbegyan explained. The proposed restructuring would enable RBC to greatly improve its position on the media market, the banker is convinced.

As for RBC’s current debts, which Renaissance estimates at $216 million, each creditor will receive 8 percent of the debt in cash and then get to choose one of the following two options for the remaining amount: to write off 45 percent of the debt and receive the remainder in seven years’ time at an interest rate of 4 percent per annum, or to write off 65 percent and get the rest in three years’ time at the same interest rate.

“The deal is unlikely to have any immediate impact on RBC’s business; the company will continue to work as before,” said Anna Kurbatova, an analyst with UniСredit Securities. “On the other hand, the proposed scheme could be welcomed by the creditors who rejected prior debt restructuring offers. Onexim and Prokhorov will act as guarantors, which improves RBC’s prospects,” she added.

“The Board of Directors will consider the offer and prepare its recommendations, respecting the interests of both shareholders and creditors. Certainly, the company wants to get through the crisis period as quickly as possible to return to stability. With this in mind, we are open to all proposals,” confirmed German Kaplun, chairman of the Board of Directors of RBC Information Systems.

Analytical department of RIA RosBusinessConsulting
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