en.Wedoany.com Reported - Russian data center operator Selectel has announced the issuance of a new series of three-year bonds totaling 5 billion rubles with a fixed coupon rate. The proceeds will be used to refinance the 3 billion ruble 001P-03R series bonds maturing in August 2026 and to implement investment plans. The bookbuilding for this bond series is scheduled for July 8, 2026, with a yield guidance not exceeding the Moscow Exchange three-year zero-coupon yield curve (КБД) plus 235 basis points, and coupons paid every 30 days. The company plans to hold an online presentation for investors on the Moscow Exchange platform on July 2, 2026, with Tabula Rasa Investment Company (ИК "Табула Раса") acting as the placement agent.
Selectel's Operations Director Vladimir Dergachev stated that 3 billion rubles of the raised funds will be used to refinance the third series of bonds maturing in August, with the remainder allocated for purchasing server equipment and expanding data center platforms to meet growing customer demand for cloud infrastructure and dedicated solutions for artificial intelligence (AI) projects. The company has successfully issued seven series of bonds totaling 30 billion rubles, with this new series being the eighth. Financial data shows that in the first quarter of 2026, Selectel's revenue reached 5 billion rubles, with an adjusted EBITDA margin exceeding 50%. For the full year 2025, revenue was 18.3 billion rubles, up 39% year-on-year; adjusted EBITDA grew 38% to 9.7 billion rubles, with a margin of 53%. As of March 31, 2026, the company's net debt to adjusted EBITDA ratio (LTM) stood at 1.8x. The company's credit ratings are A+ (RU) from AKRA (АКРА) and ruAA- from Expert RA (Эксперт РА), with a stable outlook.
Other market participants are also using bond instruments for financing. Alexandra Melnikova, Director of Investor Relations at Softline (ПАО "Софтлайн"), noted that the company issued 6.6 billion rubles in bonds in February 2026. Initially planned at 3 billion rubles, the issuance size more than doubled due to strong investor demand, with the interest rate repeatedly lowered to an annualized 19.5%. Softline typically discloses the detailed structure of its loan portfolio in audited financial statements every six months, with the next audited report for the first half of 2026 expected to be released in August.
Market analysts have commented on the terms of Selectel's bond issuance. Natalia Milchakova, Chief Analyst at Freedom Global, pointed out that a net debt to EBITDA ratio of 1.8x is entirely normal for the telecommunications sector. After issuing 5 billion rubles in new bonds, this ratio may slightly rise to 1.9x, but it will not significantly deteriorate the issuer's financial position, especially since some old debt will be repaid through the new bond issuance. Financier Kirill Kuchinsky believes that the 235 basis point premium over the zero-coupon yield curve is reasonable for an issuer of this credit quality, and the 5 billion ruble issuance size is not large by Russian bond market standards, so it is not expected to have a major impact on the secondary market for existing bonds. Filipp Modnov, Deputy Director of the Product and Technology Department at E-Flops (ООО "Е-Флопс"), stated that this investment scale is roughly equivalent to building a 5 MW data center without servers, or 2,000 to 3,000 virtualized servers, or 150 high-performance servers for artificial intelligence.
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