Chicago, Jan. 25 – Sovcombank PJSC’s SovCom Capital DAC sold $300 million of 3.4% social loan participation notes due 2025 (Ba1//BB+/ACRA: A+) at par, according to an offering document.
Proceeds will be used to finance a loan to Sovcombank to be used for eligible social projects.
J.P. Morgan Securities plc (global coordinator), HSBC Bank plc, Emirates NBD Bank PJSC, GPB Financial Services Hong Kong Ltd. (Gazprombank), ING Bank NV, London Branch, Renaissance Securities (Cyprus) Ltd., SberCIB CIB (UK), Sova Capital Ltd. UniCredit Bank AG, VTB Capital plc and Sovcombank were the bookrunners on the Rule 144A and Regulation S notes.
JPMorgan is also serving as the social coordinator.
The notes feature a make-whole call at any time.
Sovcombank is based in Moscow.
| Issuer: | SovCom Capital DAC
|
| Amount: | $300 million
|
| Maturity: | Jan. 26, 2025
|
| Securities: | Social loan participation notes
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| Bookrunners: | J.P. Morgan Securities plc (global coordinator), HSBC Bank plc, Emirates NBD Bank PJSC, GPB Financial Services Hong Kong Ltd. (Gazprombank), ING Bank NV, London Branch, Renaissance Securities (Cyprus) Ltd., SberCIB CIB (UK), Sova Capital Ltd. UniCredit Bank AG, VTB Capital plc and Sovcombank
|
| Social structuring agent: | JPMorgan
|
| Coupon: | 3.4%
|
| Price: | Par
|
| Yield: | 3.4%
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| Call option: | Make-whole call at any time
|
| Pricing date: | Jan. 22
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| Settlement date: | Jan. 26
|
| Ratings: | Moody’s: Ba1
|
| Fitch: BB+
|
| ACRA: A+
|
| Distribution: | Rule 144A and Regulation S
|
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