8th Sep 2014 07:22
HMS Hydraulic Machines & Systems Group plc
(the “Company”, and together with its subsidiaries, the “HMS Group”)
HMS Group redeemed Rub 900 mn bonds
Moscow, Russia – HMS Group (LSE: HMSG), the leading pump and compressor manufacturer as well as a provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS, announces today that is has made a partial redemption of its Ruble bonds for Rub 900 mn excluding accumulated coupon interest.
The company purchased 900,000 bonds at 100% par value. Bonds buy-back was financed by an unsecured non-revolving credit line up to 3 years, lent by Raiffeisenbank at the end of this August. The bank also acted as a purchase agent.
Rub 3 bn bonds, with a 10.75% coupon rate, were issued in February 2012 and mature in February 2015.
Mr. Kirill Molchanov, the co-founder and CFO of HMS Group, commented:
“Credit portfolio management is one of HMS’ top-priority tasks. We use various financial instruments, which allow securing a more comfortable debt repayment schedule and prolongation of our credit portfolio along with borrowing costs optimization.
Apart from the above Rub 900 mn loan, we obtained two unsecured 3-year credits from Raiffeisenbank and UniCredit Bank - Rub 981 mn in May 2014 and Rub 750 mn in June 2014, correspondingly - which were also utilized for refinancing of our current bank indebtedness”.
HMS Group’s current debt repayment schedule
| Rub mn | 2014F | 2015F | 2016F | 2017F | 2018F | 2019F | |||||||
| Debt for repayment | 698 | 2,340 | 6,582 | 2,192 | 2,141 | 311 | |||||||
| Undrawn credit lines with availability more than 12 months | 1,469 |
Sources: Company data as of 4 September, 2014
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HMS Group is the leading pump and compressor manufacturer, as well as provider of flow control solutions and related services to the oil and gas, nuclear and thermal power generation and water utilities sectors in Russia and the CIS. HMS Group’s products are mission-critical elements of projects across a diverse range of industries. It has participated in a number of large-scale infrastructure projects in Russia, including providing pumps and modular equipment to the Vankor oil field and pumping stations on recent trunk pipelines projects linking Russia’s core oil producing areas to export ports on the Pacific Ocean and Baltic Sea. HMS Group’s global depositary receipts (“GDRs”) are listed under the symbol “HMSG” on the London Stock Exchange.
For further information, please contact:
| Inna Kelekhsaeva | Nozima Karimova | |
| Deputy Head of Capital markets | Head of Press Service | |
| Tel: +7 (495) 730-66-01 x 1318 | Tel: +7 (495) 730-66-10 | |
Disclaimer
The information contained herein has been prepared using information available to HMS Hydraulic Machines & Systems Group Plc (“HMS Group” or “HMS” or “Group” or “Company”) at the time of preparation of the presentation. External or other factors may have impacted on the business of HMS Group and the content of this presentation, since its preparation. In addition all relevant information about HMS Group may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information.
Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and HMS Group cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation should not be relied upon as a recommendation or forecast by HMS Group, which does not undertake an obligation to release any revision to these statements.
This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in HMS Group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.
Copyright Business Wire 2014
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