By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – HMS Group said it placed RUB 3 billion of 10¾% 10-year exchange bonds of JSC Hydraulic Machines & Systems Group plc, the main operational subsidiary of the group.
Price guidance was narrowed three times from initial guidance of 11% to 11¼% for HMS Group’s first debt issuance since 2013, according to a company press release.
The bonds have a three-year put option.
Bookbuilding was completed after two weeks of marketing in Russia, with demand reaching as high as RUB 11 billion.
The final book was oversubscribed more than 3.6 times with orders from about 40 investors, according to the notice.
Raiffeisenbank, Renaissance Capital and Sovcombank are the lead arrangers.
Moscow-based HMS Group is a pump manufacturer and provider of flow control and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors.
| Issuer: | HMS Group
|
| Issue: | Exchange bonds
|
| Amount: | RUB 3 billion
|
| Maturity: | 10 years
|
| Lead arrangers: | Raiffeisenbank, Renaissance Capital and Sovcombank
|
| Coupon: | 10¾%
|
| Put option: | In three years
|
| Placement date: | Feb. 16
|
| Rating: | Fitch: B+
|
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