Press releases | Archive 2008
RBC announces extension of credit linked notes
Moscow, November 27, 2008 - OAO RBC Information Systems (MICEX, RTS: RBCI) today announced it has successfully reached an agreement with Barclays Bank Plc about the short-term extension of credit linked notes issued in November 2007.
The company placed this CLN issue with a total volume of $45m and a fixed coupon rate of 11.25% p.a. a year earlier. Originally the notes had a one-year maturity coming due on November 27, 2008. The notes were issued on the back of a loan extended by Barclays Bank Plc to RBC Investments (Cyprus) Ltd, which was guaranteed by a number of RBC's subsidiaries.
RBC Management said: "Notwithstanding the current difficult economic environment, RBC is taking the appropriate action for the long term future of the company. This is supported by the creditors of this particular debt facility. RBC will continue to build on its successful track record achieved in the media industry over the last few years."
RBC has also appointed advisors on the reorganization / refinancing of both debt and equity with the aim of achieving a firmer financial footing. The company will update the market in the near future as to the developments of this process.