Roust Corporation Owner Roustam Tariko
Photo: Ekaterina Kuzmina/RBC
Alcohol holding company of Rustam Tariko, Roust Corporation decapitalizing. He will receive more than $500 million to pay debts
As “Vedomosti”, the company Roust Corporation announced that it has agreed a “significant majority” of holders of two issues of Eurobonds of the company on recapitalization and restructuring of debt. She will receive more than $500 million to pay debts. Roust Corporation will release an additional issue that existing shareholders will pay the money and assets. The proportions are not specified.
In this regard, the company on 31 October has not paid the coupon interest on the bonds. Payments are expected to be executed in respect of new securities under the new terms of debt restructuring.
Roust Corporation hopes to conclude negotiations with the holders of notes within a few days. Then will be disclosed the details of the transaction. The representative of the company up to this point did not disclose details of the agreement with creditors.
Reminiscent of “Vedomosti”, the company in its current form came after, in 2013, the court of the U.S. state of Delaware in the bankruptcy approved the reorganization plan of the Polish manufacturer and distributor of alcohol Central European Distribution Corporation (CEDC), which suggested Rustam Tariko. All bonds maturing in 2016 were exchanged for new shares in the amount of $650 due in 2018 and $172 million in cash. Bonds maturing in 2013, $284 million was partially consolidated Roust Trading Ltd. (RTL), the part of the holders received $25 million in cash and $30 million in bonds. The reorganization reduced the debt $1.3 billion $666,2 million, and RTL received a 100% LTD, which was renamed to Roust.
On 30 June of the current year debt Roust was more than $1 billion, including about $750 million in bonds with interest.
In the report for 2015, the company announced the need to refinance the debt. In the financial statements for the first half, the company specified that the terms of restructuring can include consolidation of alcoholic actives of group “Russian standard” Tariko, which are not included in the Roust.
According to the newspaper, the only alcoholic asset Tariko, Roust not part of Corporation, is a vodka brand “Russian standard vodka”. He, according to the Director of the research Center for Federal and regional alcohol markets Vadim Drobish, took 16th place in the world best selling vodka brands on the rating of the international trade magazine Drinks International in 2015. Assessment Drobish, it cost $300-500 million.
If the “Russian standard” will be priced at the lower end, Tariko needed to find about $200 million, write “sheets”. According to the head of the Department debt capital markets BKS Alexey Kupriyanov, the largest asset Tariko — Bank “Russian standard” on the security of stock which it is theoretically possible to obtain some money.
However, the Bank itself, as emphasized by the publication, also saddled with debt: in 2015, it has restructured two of the issue of subordinated Eurobonds worth $550 million, the Investors agreed to early repayment in cash at 18% of the nominal value of the securities. The remaining amount of debt is one of the group of companies “Russian standard” has issued new Eurobonds with a term of seven years with a yield of 13% per annum, secured 49% of its shares.