One of the largest owners of Moscow real estate - the company O1 Properties, which was part of the group O1 Boris Mints, - was replaced by a shareholder. In early July, 70% of Class A shares and 58% of shares of Class B O1 Properties were acquired by Cyprus Riverstretch Trading & Investments (RT & I). This was reported by the SPV company of O1 Properties Finance group - on Tuesday it posted such a message for holders of its Eurobonds for $ 350 million on the Irish stock exchange.
According to the terms of issue of these bonds, holders in the event of a change of control over the company may advance the securities to maturity ahead of schedule. In this case, the issuer will have to pay 101% of the face value, as well as the accrued but not paid coupons. O1 Properties acts as the guarantor for O1 Properties Finance, therefore the condition for changing the control extends also to the case when owners change at the company itself. Eurobonds for $ 350 million the company issued in 2016, the coupon for them is 8.25%, the frequency of payment - six months.
In the message, O1 Properties asks bondholders to waive the right to demand early redemption of Eurobonds, as at the moment the company does not have enough funds to buy these securities. Nevertheless, O1 Properties owns a portfolio of assets generating revenue, so O1 Properties, and O1 Properties Finance, and RT & I are confident in O1 Properties Finance's ability to service debt, the report said.
Now the new shareholder conducts the operational and financial due-diligence of the company. The O1 Properties report does not include the owners of RT & I, but previously the market participants told Vedomosti that it is also operating in the interests of Rosneft and GC Region.
The control over the company RT & I was supposed to be received for debts of O1 Group, the interlocutors of Vedomosti reported earlier. The controlling package of O1 Properties - 62.5% of the shares - was pledged for a 251 billion ruble loan to the O1 Group. from the Moscow Credit Bank (IBC). The bank assigned a loan to its shareholder - Rossuman concern Roman Avdeev. "Rossium" hired RT & I to work on structuring the deal to recover funds for this debt.
In addition to the O1 Properties package, a 75% +1 share of the future group financial group, also owned by Mints, was pledged on the loan of the MKB. Non-state pension funds included in FG "Future", in the near future should go under the control of RT & I on account of debt, told Vedomosti's interlocutors last week. "Rossium" has already assigned RT & I part of FG "Future"'s debt to 1.67 billion rubles., Follows from the quarterly report of the FY for the II quarter.