Page 95 - RusRPTOct21

treasury ordinary shares of LLC “PIK INVESTPROEKT”, a 100% subsidiary of PIK. The Building period is 29-30 September.
The offering size – 27mn shares or approximately 4.1% of share capital or Rb38bn ($500mn) as of yesterday’s close
Use of proceeds: Rb11.6bn will be used to repurchase from VTBank some or all of the global depositary receipts under a forward agreement. The remainder will be used for general corporate purposes, such as debt repayment andusiness expansion
The company and LLC PIK+ will enter a 180 days lock-up period (LLC PIK+ is controlled Gordeev and indirectly holds all the shares that are beneficially owned by him).
8.4 International ratings
Russia - Rating agency
as of July 1, 2020
last change
Moodys (USD rating)
Baa3 (S)
02/08/19
Fitch (USD rating)
BBB (N)
09/08/19
S&P
BBB- (S)
23/02/18
Russia’s credit ratings have been improving and all three ratings agencies have returned Russia to “investment grade” status (BBB- or morey S&P and Fitch,aa3y Moody’s).
Moody’s rates Russia ataa3 with stable outlook onoth its foreign and local
95 RUSSIA Country Report October 2021 www.intellinews.com