PJSC Novorossiysk Commercial Sea Port (NCSP) Board of Directors at a meeting on 4 March 2012 approved “Decision of issue” for Ruble bond tranches B0-1, B0-2, B0-3, B0-4 and B0-5. The Board also approved Offering circular for the Program, the NCSP Group news release said.
“NCSP management considers reduction of leverage as one of its key tasks. We plan to achieve Net Debt to EBITDA ratio below 3.75x as of the end of 2012. The expansion of available funding instruments will help the Company achieve this goal by way of optimization of its credit portfolio,” - Deputy CEO for finance and economy Andrei Bubnov commented.
The par value of the ruble bond tranches B0-1, B0-2, B0-3, B0-4 and B0-5 are 5 billion rubles, 4 billion rubles, 4 billion rubles, 3 billion rubles and 2 billion rubles respectively.
“This is expected to give the company the necessary flexibility to select tranches as and when specific borrowing needs appear,” – Andrei Bubnov added.
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator and the 3rd operator in Europe in terms of cargo turnover. NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP).
50.1% shares of PJSC "NCSP" belongs to Novoport Holding Ltd, beneficiaries owners of which are JSC “Transneft” and Ziyavudin Magomedov (Summa Group). NCSP Group consolidated cargo turnover in 2011 totaled 157 million tons. Consolidated revenue according to IFRS for the nine months of 2011 totaled $782 million and EBITDA of $404 million. NCSP Group combines the following stevedore companies: OJSC Novorossiysk Commercial Sea Port, PJSC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC Fleet of NCSP, OJSC NLE, OJSC IPP, and Baltic Stevedoring Company Ltd.