Press Releases

Renaissance Credit Pays Seventh Coupon on Subordinated Eurobonds RCCF’24

21 December 2022

On 13 December 2022, Renaissance Credit fully fulfilled its obligations on Eurobonds issued by Renaissance Consumer Funding DAC (“RCF DAC”) by paying a coupon for the period from June 13 to December 13, 2022. The total nominal value of the issuer’s Eurobonds (ISIN XS2011269912) is EUR 50 mln due in December 2024 with semi-annual coupon of 10.00% per annum.

The coupon income equivalent to EUR 2.5 mln was paid in Russian Rubles at a relevant exchange rate set by the Bank of Russia in accordance with the procedure stipulated in the Decree of the President of the Russian Federation No. 95 “On Temporary Order of Settlement of Obligations to Certain Foreign Lenders” dated 5 March 2022 (“Decree No. 95”) and the Decree of the President of the Russian Federation No. 529 “On the temporary procedure for the performance of obligations under bank account (deposit) agreements denominated in foreign currency and obligations under bonds issued by foreign entities” dated 8 August 2022 (“Decree No. 529”).

Coupon payments to holders whose rights in respect of Eurobonds are registered with National settlement depository (“NSD”) and its Russian sub-depositories were wired to NSD for further transfer to bond holders. The interest amounts due to the bond holders - residents of the Russian Federation, whose confirmed rights to the bonds are accounted for in foreign depository systems, were transferred directly to their respective accounts opened with Russian credit institutions in accordance with Article 2 of the Decree No. 529. The remaining part of a respective coupon in favor of the bond holders, whose rights in respect of Eurobonds are recorded in foreign clearing systems, was transferred to a special type “C” account opened with the Bank in the name of RCF DAC in accordance with Article 3 of the Decree No. 95. Thus, Renaissance Credit has fully fulfilled its obligations on subordinated loan agreement with RCF DAC.

“Renaissance Credit has sufficient resources to meet its obligations on subordinated loan and continues to accrue and pay the remaining interest. At the same time, the Bank has a transparent approach to all its investors and consider their interest in accordance with the current legislation”, - commented Evgeniy Mikhalin, Senior Vice President, Chief Financial Officer of Renaissance Credit.

For more information about coupon payment investors may send their queries to: ir@rencredit.ru