The microfinance organization IFC Domashnye mnaya made a new technical default without paying the investors the money they had put in accordance with the agreed restructuring plan. To avoid a real default, the company must find the funds within ten days. In "Domashnye Denga" they assure that within the allotted time they are realizing the debt portfolio, for which there are already buyers, and they will fulfill their obligations. However, experts consider the terms of the restructuring unfeasible for the IFC and note that holders can take advantage of the right of early call for redemption of bonds.
"Domestic money" announced "default on obligations to owners" of restructured bonds "because of a lack of cash in the required amount." The company could not repay part of the nominal value of bonds and pay coupon on them for the amount of 90.5 million rubles. Thus, IFC made another technical default on its securities. To prevent a default, the company has ten working days to pay off its obligations. However, the company may have problems with payments during this period. According to the owners of the bonds with reference to the representatives of the company, it has a debt on tax payments, because of which its accounts are periodically blocked by the tax authorities.
The previous time, "Domestic money" allowed a technical default, without buying back the bonds put up on the offer for the amount of 840 million rubles. for the release of a total of 1.25 billion rubles. (see "Kommersant" on April 27). Then the microfinance organization stated that such a decision was made, since most of these securities "the company estimates as speculative investments", since in the first quarter of 2018 the quotations of securities were 30-50% of the nominal value. IFC was able to avoid a real default by proposing within a month the investors a restructuring plan for the obligations (see "Kommersant" on May 14). However, the proposed conditions for investors did not suit, and the plan was approved only after the increase in coupon income and quarterly repayments of the main debt (see "Online" on June 8). In accordance with the approved plan, on July 24 the company was to pay 5% of the nominal value of the securities (62.5 million rubles) and coupon income (28 million rubles) to the holders. Completely the obligations for the issue must be repaid in 2022.
As stated in "Home Money", "developed and approved earlier parameters of the restructuring were based on the company's plans for fees from the portfolio of issued microloans."
To do this, "the collection of overdue debts was activated, according to the plan, the amount of fees should ensure the forthcoming payments on the bonds in full." However, according to the company, "the developed plan for fees was not fully implemented." At the same time, the IFC is assured that they continue to seek a way out of the situation. "The company plans to fulfill its obligations in a ten-day period, including through the implementation of the debt portfolio, the sale of which is currently negotiating. Potential buyers have already been found, which gives reason to believe that in the near future there will be a transaction, "- explained there.
Investors hope to receive money from the company within the allotted time. "We understand that now the company does not have the entire amount necessary for payment, and it is wasting time hoping to collect the missing money," one of the bondholders told Kommersant. At the same time, the interlocutors of Kommersant believe that if the company can pay current payments, then it will have a chance to effectively build its work in the future.
Experts are more skeptical. "The restructuring plan, to which the" House Money "agreed under the pressure of the holders, appeared to be very heavy for them," says Ilya Zharskiy, managing partner of the Veta expert group. According to Aleksey Antonov, an analyst with Alor Broker, under the current circumstances, it will be difficult to find "Home Money" additional funds for payments. "At the same time, it is possible that investors can take advantage of their right to early call for redemption of bonds (from which they did not refuse to approve the restructuring plan." - "Kommersant"), which will further exacerbate the company's situation and drive it into the debt hole, "concludes he.