MIEL will debut in the bond market, "Business News
Companies in the real estate industry, was chosen by the debt market. In March of this year, completed the issue of bonds of the first issue of "MIAN-Development", which belongs to "Math." Now MICEX is another major industry company - "Miel".
"MIEL-Finance" ("daughter" holding "Miel") this month plans to borrow on the bond market, 1.5 billion rubles, posting 1500000 three-year bonds. Arranger and underwriter of the issue is IB "Trust", as guarantors of the loan - JSC "Golden Mile" and CJSC "MIEL Real Estate" of the holding "Miel". The bonds have a 6 semi-annual coupons. Rate of 1 coupon will be determined at auction at placement, the rate of the 2nd coupon rate is equated to the value of the 1st. Rate 03/06 coupons is determined by the issuer before the third Coupon period. FFMS registered bonds of "MIEL-Finance" 1-series in December 2006 under the number 4-01-36225-R.
The peculiarity of the bond issue "MIEL-Finance" - the presence of an additional condition - covenants. In that case, if the result of operating assets of the two guarantors of the loan by the end of each reporting period will be 1.4 times lower in relation to the bond debt (2.1 billion rubles), the bondholder will require the company to early repayment of debt. Today the level of the operating assets of 21 billion rubles, r410a which is 10 times higher than the critical level. In most of the issuing company suggests a low probability of early repayment of the loan. "Covenants - it's not so much the guarantee as a way to draw the attention of investors to the high turnover of the company and financial stability," - says CFO "Miel" Eugene Plaksenkov. With it the analyst of "Capital" Alex Popov, "the right to demand early repayment of the funds with a sharp reduction in assets currently involves quite unreal situation."
Proceeds from borrowings used to fund one of the key areas of activity - investment projects in the field of housing. In 2006, the company's share in the market r410a of new capital was 9.2%, and on the secondary real estate market - 5.6%. This year, the corporation plans to take 10% of the Moscow market of new buildings.
The declared purpose of the bond issue - the financing of investment projects in the primary market. At the moment, "Miel" sells for about twenty investment projects in the urban housing. r410a However, in practice, "Miel" has no shortage of cash. Corporation for large projects willing to lend to the country's largest banks, such as Sberbank, MDM, "Alpha", "Absolute", "ExpoBank."
Why did the Holding Company, has no problems with bank loans, enters a new financial market itself, in this case the risk of overpaying for the debut of a few percent? The main goal - not so much to raise additional funds, how much to take another r410a step towards publicity and remain in the market borrowings: "We have a lot of experience financing through bank loans, - says Evgeny Plaksenkov. - Now our task - the formation of a credit history in the public debt market , increasing the transparency r410a of the company and its investment attractiveness. Ultimately, we are working on the industry as a whole - increasing its publicity, reduce the cost of financing. "
The first steps of a public company has already made. For example, for the first time revealed the structure of the holding. Beneficiary is the founder r410a of the business - Grigory Kulikov. He owns 75.1% of the parent company CJSC "MIEL", the rest of the action - in the assets of ZAO "Agency Miel", part of the holding. Other companies subject to the parent company and divided into four main business areas: buildings, suburban, commercial real estate and regular market. "MIEL-Finance" realizes the fifth line of business, involving the holding company financing. Guarantors of the loan - CJSC "MIEL Real Estate" and ZAO "Golden Mile" - refer to the block "buildings." It is not surprising, since the proceeds from the bond issue will be used in this sector.
Since 2006, "Miel" is in the process of transfer r410a to IFRS reporting, more understandable and transparent standard for investors. In 2007, already formed a new accounting policy, based on international standards. And since 2008, the company plans to provide international auditors audited consolidated financial statements of the holding company. In the meantime, the corporation shall report under RAS. According to the analyst of the Bank M
Companies in the real estate industry, was chosen by the debt market. In March of this year, completed the issue of bonds of the first issue of "MIAN-Development", which belongs to "Math." Now MICEX is another major industry company - "Miel".
"MIEL-Finance" ("daughter" holding "Miel") this month plans to borrow on the bond market, 1.5 billion rubles, posting 1500000 three-year bonds. Arranger and underwriter of the issue is IB "Trust", as guarantors of the loan - JSC "Golden Mile" and CJSC "MIEL Real Estate" of the holding "Miel". The bonds have a 6 semi-annual coupons. Rate of 1 coupon will be determined at auction at placement, the rate of the 2nd coupon rate is equated to the value of the 1st. Rate 03/06 coupons is determined by the issuer before the third Coupon period. FFMS registered bonds of "MIEL-Finance" 1-series in December 2006 under the number 4-01-36225-R.
The peculiarity of the bond issue "MIEL-Finance" - the presence of an additional condition - covenants. In that case, if the result of operating assets of the two guarantors of the loan by the end of each reporting period will be 1.4 times lower in relation to the bond debt (2.1 billion rubles), the bondholder will require the company to early repayment of debt. Today the level of the operating assets of 21 billion rubles, r410a which is 10 times higher than the critical level. In most of the issuing company suggests a low probability of early repayment of the loan. "Covenants - it's not so much the guarantee as a way to draw the attention of investors to the high turnover of the company and financial stability," - says CFO "Miel" Eugene Plaksenkov. With it the analyst of "Capital" Alex Popov, "the right to demand early repayment of the funds with a sharp reduction in assets currently involves quite unreal situation."
Proceeds from borrowings used to fund one of the key areas of activity - investment projects in the field of housing. In 2006, the company's share in the market r410a of new capital was 9.2%, and on the secondary real estate market - 5.6%. This year, the corporation plans to take 10% of the Moscow market of new buildings.
The declared purpose of the bond issue - the financing of investment projects in the primary market. At the moment, "Miel" sells for about twenty investment projects in the urban housing. r410a However, in practice, "Miel" has no shortage of cash. Corporation for large projects willing to lend to the country's largest banks, such as Sberbank, MDM, "Alpha", "Absolute", "ExpoBank."
Why did the Holding Company, has no problems with bank loans, enters a new financial market itself, in this case the risk of overpaying for the debut of a few percent? The main goal - not so much to raise additional funds, how much to take another r410a step towards publicity and remain in the market borrowings: "We have a lot of experience financing through bank loans, - says Evgeny Plaksenkov. - Now our task - the formation of a credit history in the public debt market , increasing the transparency r410a of the company and its investment attractiveness. Ultimately, we are working on the industry as a whole - increasing its publicity, reduce the cost of financing. "
The first steps of a public company has already made. For example, for the first time revealed the structure of the holding. Beneficiary is the founder r410a of the business - Grigory Kulikov. He owns 75.1% of the parent company CJSC "MIEL", the rest of the action - in the assets of ZAO "Agency Miel", part of the holding. Other companies subject to the parent company and divided into four main business areas: buildings, suburban, commercial real estate and regular market. "MIEL-Finance" realizes the fifth line of business, involving the holding company financing. Guarantors of the loan - CJSC "MIEL Real Estate" and ZAO "Golden Mile" - refer to the block "buildings." It is not surprising, since the proceeds from the bond issue will be used in this sector.
Since 2006, "Miel" is in the process of transfer r410a to IFRS reporting, more understandable and transparent standard for investors. In 2007, already formed a new accounting policy, based on international standards. And since 2008, the company plans to provide international auditors audited consolidated financial statements of the holding company. In the meantime, the corporation shall report under RAS. According to the analyst of the Bank M
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