3 June 2020

Placement of bonds of Eurotorg, the largest Belarusian retailer

The largest grocery retailer in Belarus places bonds on the Moscow Exchange for 5 billion rubles

Today Eurotorg, the largest grocery retailer in Belarus, has placed bonds on the Moscow Exchange in the amount of 5 billion rubles. The issuer is the Russian SPV - Retail Bel Finance LLC. 

The bonds were placed under the program of exchange-traded bonds for up to RUB 30 billion and were secured by a public irrevocable offer of Eurotorg LLC. The coupon rate on the bonds was set at 9.45% per annum, the coupon yield will be paid on a quarterly basis.

LECAP acted as legal advisor on the transaction. We provided legal support in relation to the registration of the multicurrency exchange-traded bond program, developed and negotiated documentation for the issuance and placement of bonds, including the text of the offer. Our team included Mikhail Malinovsky, partner, Ilya Rynenkov, senior associate, and Dmitry Lisov, associate. LCPIS acts as bondholders' representative. 

This is our third project with Eurotorg: we previously supported the debut placement in the Russian market and the subsequent additional issue of bonds.