The proceeds from the placement of two new bond issues of Series G and H with a total nominal value of UAH 500 million, the Line of EVA Stores chain (RUSH LLC) wants to use for its development, Financial Director of the Line of EVA Stores Lilia Volenko has told Interfax-Ukraine.
“The funds from the placement are planned to be used for overhaul and maintenance of new and existing stores, the purchase of commercial equipment, the acquisition of intangible assets (software licenses, which is necessary for the operation of chain stores), the purchase of security equipment (security and supervision systems), attraction and personnel training and purchase of goods in order to maintain the necessary assortment line for new stores of the Line of EVA Stores,” she said.
The national chain Line of EVA Stores (the issuer is RUSH LLC) in February and March 2021 fully redeemed the issue of bonds of Series E, F (interest-bearing registered unsecured) with a par value of UAH 200 million. The maturity dates were fully consistent with those indicated in the prospectus. Reports on the consequences of redemption are submitted for approval to the National Securities and Stock Market Commission. The bonds were outstanding from 2018 to 2021, the holders received income in the amount of 18% and 17% per annum (the interest rate was changed annually).
Having significant plans for further investment in the development of the company, RUSH LLC registered a new issue of bonds (Series G and H) with a total par value of UAH 500 million (Series G for UAH 300 million, Series H for UAH 200 million). Their outstanding period is six years. Bondholders have the put option after the end of the 8th and 16th coupon periods.
The bond issue was registered without a public offering. The conclusion of contracts with the original holders is scheduled from February 23, 2021 to April 22, 2021 for G Series and from March 10, 2021 to May 8, 2021 for H series.
The underwriter of the issue is ICU Group, an independent investment and consulting group providing asset and private equity management services.
The bonds have been assigned a long-term credit rating according to the National rating scale “uaA +” by the National Authorized Rating Agency IBI-Rating. The outlook is Developing.