OREANDA-NEWS. RusRating has placed the OOO Transgazservis BO-01 bond series rating on its watch list, which means that the rating or rating outlook could change (either favourably or unfavourably) in response to new information received from the Issuer or from public sources. At this time the rating is unchanged at “BB-“ on the international scale and “BBB-“ on the national scale, in both cases with a stable outlook.

The rating is based on close business ties to a financial-industrial group with more than R150bn in assets; guaranteed demand for rated bonds; the Issuer's favourable credit history; and a comfort letter from Bank Rossiiski Kredit that guarantees payment of the Company's debt obligations.

Constraining factors include uncertainty risks associated with a new business project.

About the Issue

The five million non-convertible interest-bearing centrally-held documentary bearer exchange bonds (series BO-01) have a nominal value of one thousand roubles each (R5bn in total) and are due for redemption 1820 days from the start of placement (on 8 November 2019). The bonds include a put option. The issue was organised by IK Ronin, with distribution by open subscription.

The funds are being used to finance the Agroholding project on behalf of a financial-industrial group with more than R150bn in assets. The project is linked to the Yefremovskaya and Suvorovskaya poultry plants and will also see construction of greenhouse facilities and a pig-raising facility on a 4000 hectare plot of land in Tula region.

About the Issuer

OOO Transgazservis is a Russian SPV company registered in 2009 that issues bonds on behalf of a major financial-industrial group. It conducts no other business activity.

Pyotr Valerievich Sidorov has been General Director since February 2015. The Company's owner is Ivan Alexandrovich Dolgikh, who controls it via OOO Eliot Stail and Cyprus-registered Flabellum Holdings Limited on behalf of the above-mentioned financial-industrial group, whose ultimate beneficiary is A.L. Motylev.

The Issuer had previously placed a R3bn bond series (4-01-36375-R dated 20 October 2009). All coupon payments were made on schedule and the bonds were redeemed on 26 November 2014.