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RBC makes partial repayment of credit linked notes

June 16, 2008 | RBC

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.

Issue: RT Prof-Real, 9.5% 7jun2009, USD

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedYesRussia06/07/200943,500,000 USD-/-/-

Company: RT Prof-Real

Full company nameRT Prof-Real
Country of riskRussia
Country of registrationRussia
IndustryOther sectors


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