M.Video-Eldorado fully pays off bonds of series 001Р-02 for RUB 9 billion

07.08.2024 14:25

M.Video-Eldorado Group, Russia’s leading e-commerce and consumer electronics retailer (MOEX: MVID), announces full redemption of exchange bonds of the series 001Р-02 in the amount of RUB 9 billion by LLC “MV FINANCE” (affiliate to PJSC “M.video”) from its own operating funds. In addition, LLC “MV FINANCE” paid income for the 12th coupon period to bondholders in the amount of RUB 181,710,000.00 at a rate of RUB 20.19 per bond.

In total, as part of the placement of exchange bonds of the series 001Р, including the current payment, the company has paid off for about RUB 25.6 billion to bondholders. The payments were made from positive operating flow, without any borrowed funds from the market.

The company still has two bond issues in circulation — 001Р-03 for RUB 5 billion and 001Р-04 for RUB 7 billion. The issues are placed as part of the ten-year program of exchange bonds of the series 001Р with a volume of up to RUB 50 billion registered in March 2021.

Anna Garmanova, CFO of M.Video-Eldorado Group:

“In 2023, our company achieved high results, affirming sustainability and efficiency of the updated business model. We started 1Q 2024 with a double-digit GMV growth as well. Thanks to improvement of operating indicators, the leverage rate — Net debt/EBITDA — in the end of 1Q 2024, is at a moderate level which is considerably lower than in the comparable period of 2023, and we are expecting its further decline by the end of 2024. On April 18, we announced full repayment of exchange bonds of the series 001Р-01 in the amount of RUB 4.2 billion, and on August 7 — full repayment of exchange bonds of the series 001Р-02 in the amount of RUB 9 billion. The both repayments were made from own operating funds.”

As a reminder: on April 18, LLC “MV FINANCE” (affiliate to PJSC “M.video”) fully redeemed exchange bonds of the series 001Р-01 in the amount of RUB 4.2 billion from its own operating funds as well. In addition, LLC “MV FINANCE” paid off income to bondholders for the sixth coupon period in the amount of RUB 231,741,140.30 at a rate of RUB 54.85 per bond.