Sovcomflot secures $200M bond issue despite reporting nine-month losses
Sovcomflot has released its latest financial figures while also completing a major bond issue. The company reported a net loss for the first nine months of 2025, yet successfully raised $200 million from investors. Officials described the bond’s strong demand as a sign of confidence in the business.
On October 24, Sovcomflot published its financial results for January to September 2025. Revenue reached 87.2 million rubles, but the company recorded a net loss of 673 million rubles. By September 30, long-term liabilities had fallen to 42.2 billion rubles, while short-term debts climbed to 32.7 billion rubles.
Book-building for the bond issue took place on November 19. The initial coupon rate was adjusted downward to 7.55% per annum, with payments set every 30 days. The bonds carry a four-year term and include an early redemption option in the final third of the period.
Alfa-Bank, VTB Capital Trading, and Gazprombank acted as joint lead managers, with Gazprombank serving as the placement agent. The issue drew interest from both institutional and retail investors, raising a total of $200 million. Deputy CEO and CFO Alexander Verbo stated that the strong uptake reflected high market trust in Sovcomflot.
The company plans to use the funds to refinance existing debt and support new projects.
The bond issue provides Sovcomflot with fresh capital despite its recent financial challenges. Proceeds will go toward debt repayment and future investments. The successful placement suggests investor confidence remains solid, even as the company navigates a period of losses.
