Events
02 June 2009
The Board of Directors of JSC The Seventh Continent has approved a bond issue totaling RUB 5.8 billion.
The Board of Directors of JSC The Seventh Continent (hereafter referred to as "the Company") has approved a RUB 5.8 bln bond issue with two years maturity, "Series CP-01"
The terms and conditions of bond issue Series CP-01 (hereafter referred to as "the Commercial Paper") include:
• The total nominal value is RUB 5,800,000,000;
• The maturity is 2 years;
• The coupon will be paid quarterly;
• The annual coupon interest rate is 15.5%.
The conditions of the Commercial Paper issue provide principal debt amortization of 20% of par value during the 364th, 455th, 546th, 637th and 728th days from date of placement.
The advantages of placing such securities is a more simplified issue process.
MDM Bank will act as organizer, underwriter and the payment agent on the Commercial Paper issue.
The new Commercial Paper will be issued in order to execute a 100% put option on the Company's bonds on 23 June 2009 (02 series, registration number 4-02-00462-H, dated 26/12/2006, total par value RUB 7.0 bln). The Company offers its bondholders the opportunity to exchange the Series 02 bonds for the new Commercial Paper issue with 20% of the par value on redemption of the Series 02 bonds simultaneously. The new Commercial Paper yield to maturity is 17%.
About the Company:
JSC "The Seventh Continent" was established in 1994 and today is an international retail chain and one of the leading Russian national chains. The Company operates in two major formats: supermarkets and hypermarkets. As of the end of May 2009 the Company has stores in Moscow and Moscow region (118 supermarkets and 4 hypermarkets), in Kaliningrad region (10 supermarkets), in St-Petersburg (1 hypermarket), in Ryazan (1 hypermarket), Chelyabinsk (1 hypermarket) in Minsk, Belorussia (1 hypermarket), in Perm (1 supermarket and 1 hypermarket) and in Yaroslavl (1 hypermarket).
According to the audited financial statements, prepared in accordance with International Financial Reporting Standards, in 2007 total revenues of the Company were USD 1 272.9 mn., net income USD 99.2 mn.
For further information please contact us:
- www.7cont.ru
- tel.: +7(495) 933-43-63, ext. 35 31,
e-mail: pressa@7cont.ru,
