RU
Sep 29, 2016
NPF FUTURE participated in financing the rolling stock renewal program of the Central Suburban Passenger Company OJSC

NPF FUTURE became one of the investors of the Russian exchange bond offering by STLC PJSC of the series 001-Р-001 (identification number 4B02-01-32432-H-001Rot of September 14, 2016), which took place on September 23, 2016.

VTB Capital JSC became the placement manager and agent. The offering will ensure the financing of the rolling stock procurement program for the suburban railway service of the Central Suburban Passenger Company OJSC from the Russian manufacturer for timely replenishment of the rolling stock, which was written off upon the expiration of the service life and to maintain mobility in the Moscow Region.

The State Transport Leasing Company is one of the leading companies on the Russian leasing service market. The Company's sole shareholder is the Russian Federation represented by the Russian Ministry of Transport.

Nikolay Sidorov, NPF FUTURE's CEO, stated: "We have said several times that the assets of NPF shall work as a source of the long-term money in the economy to support the implementation of the long-term investment projects and the development of its infrastructure. The quality of the Issuer and the company’s structure in this offering, comply with our requirements to the fullest extent."

Exchange bonds with quarterly coupons with the total nominal value of RUB 3.0 bln without any offers with depreciation and maturity in 15 years were offered to the investors. The securities provide for a guaranteed return, the coupon rate of which is calculated on the basis of the zero coupon yield curve of state securities (G-curve) published on the official website of the Moscow Exchange (http://moex.com/ru/marketdata/indices/state/yieldcurve/) as of the end of the 7th (seventh) business day after the starting date of the respective coupon period. The premium amounts to 0.75% per annum. The bonds are included into the Tier I listing.

Anton Borisevich, First Deputy CEO of STLC, stated: "The efforts of the management and shareholders of STLC PJSC are aimed at building a full bond issue yield curve. The international long-term credit ratings of a “BB” level provided to STLC PJSC by three international rating agencies allow us to offer more attractive cooperation conditions to the investment community on the one hand, and on the other hand, to ensure financing of the core business of STLC PJSC at an acceptable level  for the Company. We see particular interest in our public offerings demonstrated by management companies and pension funds, which allows us to reach an attractive interest rate level. For us, this is the first tool of the public bond market with a floating interest rate."

Earlier, on August 17, 2016, the international rating agency S&P Global Ratings increased the long-term credit rating of STLC by the international scale to a “BB” level due to the plans of the Russian government to increase the Company's authorized capital and respective improved assessment of capitalization indicators, debt load and profitability from "adequate" to "strong".

The State Transport Leasing Company provides the leasing of air, sea, railway transport, motor vehicles and special equipment for domestic transport companies, as well as makes investments aimed at the development of  Russian transport infrastructure. The Company's sole shareholder is the Russian Federation. In accordance with the Expert RA rating agency, upon the results of 2015, STLC is in the Top 5 leasing companies by the volume of new business and leads in the sea and air transport leasing segments. As of June 30, 2016, STLC’s assets under IFRS amounted to around RUB 180 bln. The Company has one of the highest capital adequacy indicators in the industry.

NPF FUTURE JSC is a non-state pension fund engaged in compulsory pension insurance and non-state pension insurance. It was established on the basis of NPF BLAGOSOSTOYANIE OPS and NPF StalFond and forms part of FUTURE Financial Group (manages NPF FUTURE, NPF Uralsib, NPF Nashe Budushchee (formerly known as NPF Russian Standard), NPF Telecom-Soyuz and NPF Obrazovaniye). It is part of the insured people’s rights guarantee system and has an “A” reliability rating and a “High Level of Reliability” assigned by Expert RA. In accordance with the Central Bank of the Russian Federation (the CBR) as of June 30, 2016 it occupied the 2nd place by the number of clients (3.7 mln insured people) and the 3d place by managed pension savings (RUB 232 bln). It occupies the 185th place in the Top 500 Largest Russian Companies, according to the RBC Information Agency rating.