Rosseti expanded its perpetual bond program to 700 billion rubles

Rosseti» increased the volume of the perpetual bond program of series 001Р from 200 billion rubles. up to 700 billion rubles. Moscow Exchange has already made changes to the bond program, should from a company message published on the website of the Corporate Disclosure Center.

In total, there are 28 issues of Rosseti bonds in circulation on the Moscow Exchange for a total amount of 353 billion rubles. Of these, 11 are classic bonds worth RUB 160 billion. Another 17 issues are exchange-traded for a total amount of 193 billion rubles.

The corporation told Interfax that by increasing the volume of the program, they expect to create a ready-made infrastructure for issuing bonds and attracting additional financing. According to Rosseti’s calculations, such a step will make it possible to obtain loans on optimal terms for several years.

In the spring of 2023, investors submitted many lawsuits demanding the right to early redemption of Rosseti bonds. This is due to the reorganization, as a result of which on January 9, PJSC Rosseti became part of the Federal Grid Company of the Unified Energy System. After the process was completed, the company informed shareholders of the right to demand the redemption of shares. Rosseti’s message did not say anything about the right of bondholders to early redemption of bonds provided for during the reorganization.

At the end of July, Rosseti announced that investors’ lawsuits provoked unforeseen expenses. The court approved the request for early repayment from SIAB bank. According to the court decision, the company had to pay the financial organization 40 million rubles. Also the court collected with Rosseti 1.9 billion rubles. in favor of the management company “Transneft invest” (a subsidiary of Transneft).

Rosseti after a series of penalties statedthat demands for early repayment of bonds could force the company to increase electricity tariffs. The company explained that tariff fees are its main source of revenue, but currently the payments do not include the cost of repaying bonds.

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