Russian Wimm-Bill-Dann Foods OJSC (WBD) raised $321 million through bond issue

Russian dairy and juice producer Wimm-Bill-Dann Foods OJSC (WBD) raised $321 million through a domestic bond issue after strong demand. Wimm-Bill-Dann said it placed the bonds, aimed to provide additional funds for development and debt repayment, with a 7.90 percent coupon. Bids totalled 17.2 billion roubles.

Tony Maher, CEO of Wimm-Bill-Dann Foods commented: “I am very pleased with the results of the placement. During the book building we received 71 bids for a total of more than 17.2 billion rubles. Such strong demand for our bonds from foreign and domestic investors allowed us to increase the size of the placement from 5 to 10 billion rubles. The rate of the first coupon was set at 7.90% annually, a level significantly lower than our debt being retired and the rate seen during the marketing process. This is a striking endorsement by the investment community of our sound fundamentals, business model and strong growth prospects. The issuance of ruble bonds provides us with additional capital for future growth and further optimizes our debt portfolio.”

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Dr. Amarendra Bhushan Dhiraj

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CEO and editorial director at CEOWORLD Magazine
Dr. Amarendra Bhushan Dhiraj is the CEO and editorial director of CEOWORLD magazine, the leading global business magazine written strictly for CEOs and forward-thinking high-level executives. He is an extensively kudized author, journalist, and internationally syndicated columnist.
Dr. Amarendra Bhushan Dhiraj