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A total of 34 applications were received from bondholders. The total amount of bonds submitted was 516,428. LSR Group decided to buy-back 500,000 bonds at the maximum price of 100.75%. The total amount of transaction was RUB 527,195,000. Therefore, 23 applications were executed in full and 11 – partially.
Broker: OOO URALSIB Capital
Dmitry Kutuzov, CFO of LSR Group, comments:
“The main aim to execute put option earlier is to reduce company’s debt and improve its maturity profile. Thanks to our operating results, at the end of the year we managed to accumulate certain free liquidity that could be used to reduce company’s debt. We are happy that our decision fully met interests of our investors and provided them an opportunity to boost their liquidity”.
Boris Ginzburg, Executive Director, Head of Fixed Income at URALSIB Capital, comments:
"This put option is one of the first buyback examples on Russian debt capital market since august 2011 market collapse and one of rare examples of success in deal records, when company managed to find the accurate balance, where supply meets demand. As a result, LSR Group purchased the whole planned volume of bonds, and practically all investors who lack liquidity got an opportunity to sell their bonds before maturity date. On top of that, advance bonds redemption allowed to strengthen LSR Group reputation as a high quality borrower with clear strategy and high level management".
Note to Editors:
OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Nowadays LSR Group is one of the largest real estate development and building materials producing companies in Russia. Its core business areas are production of building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine. As of 31 December 2010 (according to DTZ Russia), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 8.4m m2 with the market value of RUB 104bn.
In 2010, the sales revenues of LSR Group were RUB 49,950m (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.
URALSIB CAPITAL is one of the leading investment companies in Russia, providing full range of financial and investment services. With offices in Moscow and London, URALSIB Capital combines a leading domestic franchise with global distribution capabilities and provides high quality solutions matching domestic demand for capital with domestic and international capital supply.
URALSIB Capital is a leader in the ruble-denominated bond market among Russian private banks. 5th place in league table for domestic bond issues, 1st place for municipal bond issues by the end of 3Q 2011.
URALSIB Capital is one of the most active participants of secondary bond market, that matches the strategy of “reliable” organizer, which supports client debt value in conditions of market volatility. URALSIB Capital provides liquidity in local currency, eurobond and REPO transactions.
URALSIB Capital has one of the largest and most experienced research teams in Russia (according to Institutional Investor and Thomson Extel raitings).
URALSIB Capital broad sales-base is oriented to final bond holders, not to centers of redistribution.
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