Armen Mkoyan: The worst for the construction industry is behind us.
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Central Bank of Armenia reviewed the ratings of a number of companies. Thus, the ratings of both Elite Group and Glendale Hills have been boosted from C- (May 12, 2011) to C.
IMEX Group Company’s rating was upgraded from C+ to B-, while ratings of Antares Holding and Star Company remained unchanged – C and C- respectively.
According to the Central Bank of RA #19 A on 29 January 2008, the stock registering prospectus including a notice about “Elite Group” CJSC bonds, was registered. 500 000 (five hundred thousand) bonds were issued, by nominal price of AMD1000 (thousand), maturity date – 730 days, coupon, 10.5% earnings yield per year.
The whole volume of the emission is AMD 2 billion: The floatation will be realized by 4 tranches, AMD 500 mln for each of them, within 2 years.
The floatation of the first tranche started on February 13.
ArmInfo: Large-scale Armenian developer “Elite Group” CJSC steps out the Armenian finance market by corporate non-documentary coupon bonds. Prospectus of the first tranche emission of bond loan was registered by Central Bank of RA during the CB Council session on 29 January. The placement of the first tranche will take place on 13 February. Interest-bearing? of the first bond loan will be 10.5 % for year.
As “Capital Asset Menegment” investment company, which is the underwriter and market-maker of this obligations, informed ArmInfo, general value of emission will be for amount of AMD 2 billion, divided into 2 mln bond of AMD 1000 nominal price for each of them. It will be places for 4 tranches, each of them for AMD 500 mln. during 2 years, a tranche for half-year. The payment by the first coupon will be conducted after 336 days of the placement date, by the second one-after 731 days.
It should be mentioned that authorized capital of “Elite Group” company is AMD 1.8 billions. The company specialized in developing projects – top-management of residential and social elite complex construction, estate property service and interior design. “Elite Group” CJSC received G+ creditworthiness rating from CB RA, which allows company bond to act as a financial instrument during REPO operations.
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