Debt Securities Issued
|3 Months Ended|
Jun. 30, 2020
|Debt Securities Issued|
|NOTE 10 - DEBT SECURITIES ISSUED||
NOTE 10 - DEBT SECURITIES ISSUED
As of June 30, 2020, and March 31, 2020, the Company had debt securities issued in the amount of $67,584 and $72,296 respectively. As of June 30, 2020, the Company’s outstanding debt securities had fixed annual coupon rates ranging from 6.5% to 12% and maturity dates ranging from May 2021 to January 2023. The Company’s debt securities include bonds of Freedom KZ and RU issued under Kazakhstani and Russian Federation law, which trade on the KASE and the MOEX, respectively. The Company’s debt securities also include $20,496 in the aggregate amount of notes of FRHC issued from December 2019 to February 2020. The FRHC notes, denominated in USD, have minimum denominations of $100,000, bear interest at an annual rate of 7.000% and are due in 2022.The FRHC notes were issued under Astana International Financial Centre law and trade on the AIX. On June 27, 2020, the Company retired U.S. dollar denominated 8% Freedom KZ bonds that had a carrying value of $4,182 including interest accrued of $166 as of the repayment date.
Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs. Debt securities issued as of June 30, 2020 and March 31, 2020 included $734 and $1,080 accrued interest, respectively. The Freedom notes are actively traded on the AIX, KASE and MOEX.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef