Alcoholic holding Rustam Tariq will additionally capitalized at $ 500 million. This was on the night of October 31 1 November reported Roust Corporation. The company agreed to "a significant majority" of holders of two issues of eurobonds of the company's capital increase and debt restructuring.
The company will receive more than $ 500 million to pay the debts. Roust Corporation will issue an additional issue that the existing shareholders will be paid in cash and assets, the message says. The proportions are not specified.
In this connection, write "Vedomosti", Roust Corporation 31 October did not pay coupon interest on bonds. Instead, it is expected that payments will be performed for new securities in accordance with the new conditions of debt restructuring.
The company hopes to conclude negotiations with the holders of the notes for a few days, after which the details of the transaction will be disclosed. Representative Roust up to this point did not disclose details of the agreement with the creditors.
Roust - one of the largest producers of vodka in the world; in some countries - Russia, Poland and Hungary - the company occupies a leading position. Its portfolio of brands, "Green Mark", Zubrowka, Soplica, etc. Also Roust -. Largest distributor of alcoholic beverages, including vodka "Russian Standard".
The company in its current form appeared after 2013 in May, the court of the US state of Delaware for bankruptcies approved the reorganization plan of the Polish manufacturer and distributor of alcohol Central European Distribution Corporation (CEDC), which proposed Rustam Tariko. Under this plan, all bonds of the company redeemed in 2016 were exchanged for new securities in the amount of $ 650 million with redemption in 2018 and in $ 172 million in cash. Bonds maturing in 2013 for $ 284 million partially consolidated Roust Trading Ltd. (RTL), part of the holders received $ 25 million in cash and $ 30 million in bonds. As a result of the reorganization, CEDC reduced its debt in $ 1,3 billion by $ 665,2 million, and RTL received 100% CEDC. CEDC was subsequently renamed Roust.
Roust arrears on June 30 2016 city - more than $ 1 billion, including about $ 750 million - on bonds with interest. Current liabilities at $ 180 million exceeded its current assets, and cash flow from operations in the first half 2016 was negative - minus $ 39,2 million, recognized company.
The report of 2015, the company informed about the need to refinance debt. Terms of the restructuring may include the consolidation of alcoholic assets of the group "Russian Standard" Tariq, who is not included in the Roust, refined the company reported in the first half.
At Tariq have only one alcoholic asset is not included in the Roust Corporation, - vodka brand "Russian Standard Vodka". It is according to the rating of the international trade magazine Drinks International in the city of 2015 16-won place in the world ranking of the best selling vodka brands. This is the most popular among Russian vodka brands in the world market, adds CEO of the Research Center for Federal and Regional Alcohol Markets Vadim Drobiz. Its cost is estimated at $ 300-500 million.
So, if the brand "Russian Standard" will be priced at the lower end, Tariq need to find about $ 200 million At Tariq has the largest asset -. The bank "Russian Standard", recalls Head of Debt Capital Markets department BCS Alexei Kupriyanov. Theoretically, some money will be available under the pledge of shares of the bank, says the expert.
However, the bank itself is also burdened with debt. "Russian Standard" in 2015 was restructured two issues of subordinated Eurobonds for $ 550 million. Investors have agreed to receive early payment of cash in 18% nominal securities. For the remainder of the amount of debt it is one of the group of companies "Russian Standard" issued new euro bonds for a period of seven years with a yield of 13% per annum secured by 49% stake in the bank.
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