SPV-company O1 Group, LLC O1 Group Finance, tried to restructure the placement of bonds in August 2017 for 40 billion rubles. The company offered to change the coupon rate - to increase it to the annual OFZ + 7.5% rate with interest capitalization (it was OFZ + 3% without capitalization), said a person close to "O1 group finance". However, in the voting on the restructuring on September 15, holders held only 9.2% of the bonds and the decision was not made, the company said.
"O1 group finance" proposed a high coupon rate for restructuring the bonds, if this issue were marketable, one could speak about high risk of securities, said Aton analyst Yakov Yakovlev, however, the issue is non-market, and therefore restructuring is more a matter of negotiations issuer with the main bondholder.
A large holder of these securities is the bank "FC Otkrytiye", which is being sanated by the Central Bank. Shortly before the transfer to the Fund for the consolidation of the banking sector, he acquired 3/4 of the issue, wrote in the report "O1 group finance." The position of the "Discovery" - 26 billion rubles., Says a person close to the company. Now the bank is contesting this deal in court.
The desire of companies associated with the O1 Group to restructure debts is probably due to the transition of FC Opening to the control of the Central Bank, says an analyst at a major investment bank. The placement of these bonds was non-market, they were bought by banks or friendly structures, so they could be restructured indefinitely, he explains. "Now the Central Bank, apparently, does not want to participate in this, therefore, it is impossible to restructure debts. Companies close to the O1 Group, in the future will have to make real payments on these securities, "- said the analyst.
"FC Opening" declined to comment.
The O1 Group has partially raised the funds raised to repay loans, including to FC Opening itself, a person close to the O1 Group told. This operation freed from the pledge shares of Cyprus O1 Properties Ltd and the Nevis business center, he explained. Without encumbrance these assets did not last long: in November, the Moscow Arbitration Court arrested the shares and the building at the suit of FC Otkritie. O1 Group declined to comment on the restructuring of the bonds.
It tried to restructure two bond issues and OOO Prime Finance, which, as it says in its documents, is connected with the financing of assets of the O1 Group. To do this was possible only for one issue for 5 billion rubles., Placed in February 2016. The maturity of securities was postponed from 2026 to 2031, and the number of coupons was reduced from 20 to 4. Restructuring another five-billion issue, placed in November 2015. , did not give holders of securities. At the bondholders' meeting on November 3, there was no quorum, and the majority of those who did vote voted against changing the conditions. The request to Prime Finance remained unanswered.
One of the buyers of bonds "Prime Finance" was the financial group (FG) "Future" (owns the same name NPF). In 2016, it invested 24 billion rubles. in the papers "Prime Finance", "O1 Property Finance" and "Finstandart", which "are somehow connected with the financing of assets of the O1 Group", wrote in the presentation for investors "VTB Capital". What exactly were the bonds of Prime Finance bought by the group, was not disclosed.
FG "Future" declined to comment on the details of the investment. The representative of the group only stressed that there are no restructured securities of any of the three listed companies in the pension accumulation portfolios of the group's funds.
Bonds of companies associated with the O1 Group are risky assets (at the time of purchase, investors were counting on too big too fall), says ACRA analyst Yury Nogin, everyone who invested in them knew the risk perfectly.