MIRAX Group Places First Issue of Foreign Currency Bonds
The first issue of MIRAX Group foreign currency bonds totalling $100 million was placed on 15 February 2006.
Demand significantly exceeded the size of the issue at placement. Investors bid for the aggregate value of $172.4 million.
Demand distribution among the participants was as follows:
Asia: 37%
UK: 45%
Europe: 7%
Russia and Baltic states: 11%
Based on the placement outcomes, the coupon rate was fixed at 9.70% p.a.
Issue details:
Issuer: Dresdner Bank AG
Borrower: Federation Tower Management
Type: Credit Linked Note ("CLN")
Value: $100mm
Redemption: 27 February 2008 (2 Put 1)
Put option: 27 February 2007. Price: 100%
Coupon: 9.70%
Placement price: 100%
Arranger: Bank ZENIT
Co-arranger: Alpha Bank
Book runners: Bank ZENIT, Alpha Bank
Transaction date: 15 February 2006
Issue date: 22 February 2006
MIRAX GROUP is a dynamically developing corporation operating in the Moscow City property market since 2000.
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