Verysell has lifted ratesthe Companies which have postponed an exit on a stock exchange, can face a problem of calculations with Pre - IPO funds. RP Explorer Fund and Renaissance Pre - IPO, intending to convert bonds IT - companies Verysell in the action to sell them at IPO, have agreed to postpone term of repayment of papers on one and a half year in exchange for increase in the interest rate about 8 % to 12 % annual. Cost of new credits for IT - the companies has grown in connection with crisis almost twice - to 22 - 24 %, experts speak.
Verysell Group has agreed with RP Explorer Fund and Renaissance Pre - IPO about carrying over of date of repayment of convertible bonds for the $30 million sum on one and a half year, has told “ “ the president and co-owner Verysell Group Michael Krasnov. Convertible bonds differ from usual themes that grant the right to the investor to refuse return of the enclosed means in exchange for certain number of ordinary shares of company. “ New term of repayment of bonds - October, 2010, - was informed by mister Krasnov. - if investors will not want them to repay, for the sum of a loan and the saved up percent they can receive a share in the company, proceeding from the estimation of all business fixed in the contract “. The cost of the company reflected in the contract, Michael Krasnov did not begin to name, but has noticed that funds can receive “ hardly 20 % " there are more;. Operating fund Renaissance Pre - IPO Lejla Aliev did not begin to deny carrying over of term of repayment, but comments has refused. Representative RP Explorer Fund Anatoly Kaminov has confirmed the information on terms.
group of companies Verysell is created in 1990. Fields of activity Verysell - distribution IT - production (about 60 % of a gain), IT - consulting and system integration. Among shareholders Verysell Group is Deutsche Bank, fund Hillside Apex Fund SPC, Mint Capital and Steep Rock Capital - at them in aggregate about 30 %, the rest - at company management, including Michael Krasnov. According to the company, consolidated gain Verysell Group has made last year approximately $525 million, other indicators do not reveal.
mister Krasnov has specified that in exchange for prolongation of term of crediting investors have increased by 50 % the interest rate on a converting case. “ if funds decide to convert bonds in the action they will receive number of the actions which cost is equivalent to the sum of a loan and the saved up percent. The interest rate for first two years made 8 %, and since spring of next year till October, 2010 there will be 12 % “ - mister Krasnov has specified. He has underlined that percent on bonds are charged continuously, that is the quantity of charges aspires to infinity. As he said, the rate in case investors will decide not to convert the bond, and to extinguish them, remained invariable - 20 %. It turns out that if investors have extinguished the bonds in the spring of 2009 Verysell Group it should to pay about $44,7 million In October, 2010 this sum will make already $60,4 million If investors prefer to convert bonds in October, 2010 they will receive actions Verysell Group for the sum $42,1 million
According to Michael Krasnov, carrying over of term of repayment of bonds - positive news to the company as funds expected to leave the company during IPO, private placement or at sale to the strategic investor. “ from - for crisis in the financial markets to spend IPO or private placing now will not turn out, therefore investors most likely would prefer to extinguish securities “ - mister Krasnov has told. As he said, repayment of bonds negatively would affect business as it should to reduce volume of circulating assets essentially.
Verysell Group really would face shortage of circulating assets if has paid about $45 million, the co-owner of a group of companies " considers; AjTi “ Igor Kasimov. As he said, approximately two weeks ago banks have lifted rates for IT - the companies with 12 - 15 % to 22 - 24 %. “ I Believe what to obtain the credit in first half of next year it will be difficult, therefore the repayment delay is favourable Verysell “ - mister Kasimov has explained. As he said, profitability on EBITDA at Verysell Group “ hardly exceeds 5 %, therefore the credit for $45 million it is equivalent 1,7 EBITDA “. Such debt loading is not critical for IT - the companies if it does not have other debts, analyst FK " considers; Uralsib “ Konstantin Belov. “ Nevertheless to involve proceeds of credit in first half of next year most likely it will be uneasy. Especially IT - to the companies which as a matter of fact do not have maintenance for the credit “ - mister Belov is convinced.