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Major Russian construction company defaults on latest bond coupon payment

February 24, 2016, 15:36 UTC+3 MOSCOW

Lack of funds became the cause of defaulting on commitments

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© Yuri Mashkov/ITAR-TASS

MOSCOW, February 24. /TASS/. SU-155 Capital affiliated with Russia’s SU-155 construction group defaulted on the last (sixth) coupon of Series 5-7 bonds issued in the total amount of 3 bln rubles ($38.9 mln), the company said on Wednesday.

Lack of funds became the cause of defaulting on commitments. SU-155 Capital floated Series 5-7 bonds worth 3 bln rubles ($38.9 mln) by public subscription in February 2013. Bonds are mature in three years. There are six coupons with payments made twice a year. The coupon rate is 17% per annum. Bonds are secured by the parent company’s guarantee.

The Russian Government made a decision on financial restructuring of the distressed construction group in December 2015. Rossiysky Capital bank became the main bridge bank of Su-155. Total debt of the Russian construction holding to credit institutions is over 17 bln rubles ($220.3 mln).

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