On 12 April 2021, YATEC JSC made a bond placement worth five billion roubles on MOEX, with BCS Global Markets acting as the Arranger.
A long marketing campaign (including an online workshop by MOEX), coupled with professional collaboration between the Issuer and the Arrangers drove enough demand to ensure the full amount placement.
The first coupon rate target during the marketing process was 8.90-9.20% per annum. As part of bookbuilding, the final coupon was set at 9.15% per annum, setting the yield to maturity at 9.36% per annum. The amortized bond issuе has a maturity of four years, with bi-annual payments in the last two years. It is assigned 'A (RU)' bond rating by Russia’s rating agency ACRA.
YATEC JSC (‘A(RU)’ by АCRА) is the main and the oldest gas producing company in the Republic of Sakha (Yakutia) and the region’s only producer of motor fuels. The Company’s focus is on exploration, extraction, processing and sales of gas and gas condensate, as well as motor fuels. It accounts for about 86% of natural gas produced in the region and fully meets the demand of the city of Yakutsk. It also supplies a broad range of products to the regions of Russia’s Far Eastern Federal District as well as to East Asia.
According to the Company's 2020 financial report, revenue totaled 6.8 billion roubles, EBITDA was at 3.6 billion roubles, EBITDA margin stood at 52.6%, while net debt/EBITDA was 2.5х.
A message from management of BCS Global Markets
The continuously evolving nature of the global coronavirus situation has meant we at BCS Global Markets (BCS) are taking all necessary steps to keep business disruption to an absolute minimum.
Effective from today (Wednesday 18th March) employees from all divisions of the business based in our Russia, UK, USA and Cyprus offices who can work from home without creating any even minor possible risk for business continuity of the Group will be working remotely. It is very much business as usual at BCS. Our employees are equipped with secure access to our systems and will follow their normal working hours, keeping in regular contact with their colleagues and clients.
Despite ongoing disruption caused by COVID-19, we want to also assure you that following a sustained period of positive performance, our capital and liquidity position remains very strong. The business is well-placed to meet any subsequent financial challenges and will continue to go above and beyond for our clients.