February 26, 2013 18:27
NOMOS-Bank mulls $300 mln Eurobond issue - sources
MOSCOW. Feb 26 (Interfax) - NOMOS-Bank (RTS; NMOS) is examining opportunities to place Eurobonds this year, financial market sources told Interfax.
"NOMOS-Bank is looking at Eurobonds, but not in the near future; probably over the course of six months," one of the sources said. The bank is interested in raising at least $300 million. The exact amount will depend on the market.
NOMOS-Bank needs the money in connection with the change in the bank's ownership structure.
Otkrytie is currently in the process of consolidated 100% of NOMOS-Bank. Otkrytie acquired 19.9% of NOMOS-Bank shares in August 2012 and plans to consolidate 100% of shares over the course of two years.
On December 5, NOMOS-Bank's supervisory board approved plans to issue up to $300 million in Loan Participation Notes (LPN).
"The board approved the raising of a subordinated Eurobond from Nomos Capital Plc through the issue and placement of LPNs with the following key conditions: the principal amount of the Loan Agreement will not exceed USD 300 million (or its equivalent in other currencies); the maturity of the subordinated loan under the Loan Agreement will not exceed seven years; and the interest rate on the Loan Agreement will be in the range of 10% to 10.5% per annum over the period for which the subordinated loan is granted," the bank said.
The bank was Russia's 11th largest by assets, according to the Interfax-100 ranking at the end of 2012.
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