DTEK Finance company, which is a 100% subsidiary of the Netherlands-based DTEK Holdings BV, has decided to place USD 150mn additional Eurobonds, the company announced this in a statement on the London Stock Exchange. The yield rate of the Eurobonds will be 7.875% per annum and the maturity date is 2018. The Eurobonds will be issued as additions to the existing Eurobonds worth USD 600mn. The company will channel the raised funds for general corporate purposes, including financing its current capital investment programs, financing its working capital, repaying certain debt, and, to a lesser extent, investments and new acquisitions. The bonds are expected to be placed on April 30 2013.
Moody's has assigned B3 rating to DTEK Finance's (100% subsidiary of DTEK Holdings B.V.) USD 600mn Eurobonds. The outlook for the rating is negative. According to the Moody's rating scale, securities and issuers with B rating are considered rather risky for long-term investments.
The Eurobonds have a yield rate of 7.875%, maturing in 2018. DTEK plans to use USD 321.25mn out of the proceeds from the placement of the Eurobonds to buy back the Eurobonds it issued in 2010 for USD 300mn (yield rate of 9.50%, maturity date of 2015). The bonds are expected to be issued on April 4. The lead managers for the bond issue are Deutsche Bank, ING, JP Morgan, Sberbank CIB, UniCredit, and VTB Capital.
Fitch Ratings has assigned DTEK USD 600mn Eurobonds final senior unsecured rating of B and Recovery Rating of RR4. According to Fitch, the notes benefit from guarantees and sureties from several holding and operating companies, all owned by DTEK, and together referred to as DTEK Group.
DTEK finished 2012 with a consolidated net profit of UAH 5.922bn (USD 738mn) up by 68% y/y. In 2012, DTEK increased consolidated net revenue 2.09 times to UAH 82.58bn. In particular, the revenues of coal mining in 2012 made up UAH 7.06bn, of electricity production - UAH 30.73bn, and of electricity deliveries - UAH 36.84bn.The company’s EBITDA grew by 64.7% y/y to UAH 16.9bn. In 2011, DTEK increased consolidated net revenue by 62.98% to UAH 39.59bn. DTEK manages energy assets of the System Capital Management company (Donetsk). Businessman Rinat Akhmetov owns 100% of the System Capital Management company.
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