The largest operator of container terminals in Russia Global Ports is preparing to place $350mn worth of Eurobonds, Interfax reported on April 12, citing unnamed banking sources.
Organised by ING, JP Morgan, Raiffeisen International, Sberbank CIB, UniCredit, and VTB Capital, the five-year debut issue had its yield guidance decreased from 7.25-7.5% to 7-7.125%.
Global Ports operates five container terminals in Russia and two in Finland, with its assets located in the Baltic Sea and in Russia's Far East.
The main shareholders are the Transportation Investments Holding whose N-Trans holds 30.75%, APM Terminals with 30.75%, 20.5% in free float and GDRs traded on the London Stock Exchange.
Net loss of Global Ports decreased by 5.8 times to $33.7mn in 2015 from $197.3mn a year earlier, the company reported on March 11.
Revenue fell by 28% y/y to $405.7mn, caused by a decrease in container turnover, which last year amounted to 31% y/y to 1.8mn TEU.
Adjusted Ebitda decreased by 22.6% y/y to $291mn, while Ebitda margin was 71.7% compared with 66.8% in 2014.
In 2015, the company reduced its capital expenditures by 50.2%, to $11.7mn, which led to solid FCF of $236.3mn, allowing it to reduce net debt by $160mn during the year.
During the conference call, the management said 2016 will be another challenging year as there are no signs of recovery on the container market. The company will focus on deleveraging, it said.
"The overall results were strong given the weak container market, but the key issue going forward will be the timing and pace of recovery," Sberbank CIB analysts said in a note commenting on Global Ports' 2015 performance.
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