Inter RAO UES, a subsidiary of power holding Unified Energy Systems, floated 2-year credit-linked notes (CLNs) worth $150 million with a yield rate of 7.75-8% per annum, said Vitaly Butenko, head of the company's investment department.
According to Butenko, the company has issued CLNs to refinance its loan portfolio.
"We are extending [the loan portfolio] and making it cheaper," Butenko said, adding that issuing credit notes had brought the company an order book worth a total of $375 million from 37 investors in more than ten countries.
Inter RAO UES overseas Russia's electricity exports and imports. The electricity monopoly RAO UES owns 60% of stock in Inter RAO UES, while the Federal Agency for Nuclear Energy holds 40%.
