OAO PAVA is ready for a put option on Series 02 bonds scheduled for May 6, the issuer announced. The company started to prepare for the put option several months ago selling excessive supplies and assets that don’t belong to the main business, raising funding via a credit line opened by Sberbank and switching over to a cash before delivery scheme.
The company is prepared to the situation when the majority of investors exercise the put option, taking the current market conditions into account. The company also has an opportunity to raise funding from Gazprombank and BNP Paribas.
On May 4 the company paid a coupon on the issue in the amount of RUR12.4m.