Media Room
22 Jul 2022
BCS Global Markets Arranges Binnopharm Group LLC Bond Issue

On July 21 2022, Binnopharm Group LLC placed a second bond issue worth 3 billion roubles on MOEX. The first coupon rate target did not exceed 10.74% per annum. During book building, the final coupon rate was set at 10.35% per annum, with the yield to put option at 10.76% per annum. The issue offers a put option after two years, with maturity of 15 years. It is classified as an eligible investment option for pension savings and insurance reserves, and is also rated 'ruA' by Russia’s credit agency Expert RA.

Binnopharm Group LLC (‘ruA’ by Expert RA) is a full-cycle pharmaceutical holding company operating a number of production sites in several Russian cities, with a portfolio featuring more than 450 drugs. It is present in all eight of the Russian federal districts. The holding ranks fourth among Russian pharma manufacturers, according to research firm Alpha RM. Based on its 1Q 2022 (LTM) data, Binnopharm Group LLC enjoyed a revenue of RUB 27bn, with OIBDA at RUB 8bn, OIBDA margin at 30%, and net debt / OIBDA of 1.5x.