Press releases | Archive 2008
RBC made partial repayment of credit linked notes
Moscow, June 11, 2008 - OAO RBC Information Systems (MICEX, RTS: RBCI) informs about a partial repayment of credit linked notes (CLN), which were placed in June 2006 with a fixed coupon rate of 9.5% p.a. RBC transferred to note holders the principal repayment of $56.5m, which equals 56.5% of the total issue.
The company placed its debut CLN issue with a total volume of $100m two years earlier. The notes have a maturity of 3 years with the fixed coupon rate of 9.5% p.a. Dresdner Bank AG acted as the issuer of the notes. The notes were issued on the back of a loan extended by Dresdner Bank AG to RBC Investments (Cyprus), the loan was guaranteed by OAO RBC Information Systems and ZAO RBC-TV. The issue was organized by MDM Bank and Aton Capital Limited.
As a result of the partial repayment made, RBC's total debt decreased by 36.3% from $214m as of the end of 1st quarter of 2008 to $157m at present1. Based on the management forecast for 2008, RBC total revenue is expected to reach $265-275m, and total EBITDA will amount to between $75-85m.
Cautionary note regarding forward-looking statements
Some of the information in this press release may contain statements of future expectations and other forward-looking statements. These expectations are based on the management's current views and assumptions, and involve known and unknown risks and uncertainties. It is possible that the company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm's future results, see "Risk Factors" in the company's latest Annual Report on www.rbcinfosystems.com. RBC assumes no obligation to update any forward-looking information contained in this document.
1Taking into account RUR/USD exchange rate relative to the part of the debt denominated in Russian rubles.