Russia’s X5 Retail Group has completed a rouble-denominated bond offering worth RUB10 billion (€130 million) issued by LLC X5 Finance.
The coupon rate on the bonds, which have a 2.5-year put option, was set at 5.75% p.a., the retailer added.
'High Level Of Market Demand'
Chief financial officer of the company, Svetlana Demyashkevich commented, “We are pleased to note a high level of market demand in this issue.
“This time we managed to achieve a record low coupon rate for X5, compared with our past bond offerings, as well as the lowest coupon rate in the history of the entire Russian retail sector."
The company, which operates Pyaterochka, Perekrestok and Karusel stores, will use the proceeds from the offering to cover ongoing expenses, including debt refinancing.
The offering was arranged by BCS Global Markets, Gazprombank, Credit Bank of Moscow, Raiffeisenbank, Russian Agricultural Bank, Region, and Sovcombank, with Raiffeisenbank acting as the placement agent, X5 said.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
