Azbuka Vkusa Exercised Buy-Back Option for Issue I Bonds
On January 25, 2008, supermarket chain Azbuka Vkusa exercised the buy-back option for Issue I bonds of which OOO Gorodskoy Supermarket (state registration number of issue 4-01-36155-R, dated June 13, 2006) is the issuer. In the process OOO Gorodskoy Supermarket purchased 309,640 bonds, or 30.96% of the total loan.
Following its strategy of borrowings from the public markets, the Company announced that the next buy-back option will be exercised on July 25, 2008, at 100.5% to par. OAO Bank Zenit is option agent.
OOO Gorodskoy Supermarket's first 3-year bond issue worth 1bn rubles was distributed on July 25, 2006 on MICEX SE. The issue calls for 12 quarterly coupon payments. Coupon rates were set competitively at 10.99% per annum for coupon periods 1-6. The Issuer set the rates for coupon periods 7-12 at 11.5% per annum.
Issuance documents relating to the first bond issue of OOO Gorodskoy Supermarket are accessible at www.azbukavkusa.ru.
Company Profile:
Azbuka Vkusa is a chain of premium-class supermarkets. The Company is a specialized trader in high-quality foods, related everyday goods and elite-class alcohol and beverages. In 2007 the Company was a leader in the premium segment with a 40.3% market share of the segment. In 2007 the Company opened 6 new supermarkets to bring the total number of the chain's outlets to 23. Its 2007, turnover figure is expected to be US$296.6m (its financial year ends March 31). The chain registered a 100% growth in sales from 2006, mostly because of chain expansion and increase of comparable sales. The average amount a customer spends at its outlets exceeds 1000 rubles per visit. According to the Company, no other retail food chain can boast a higher figure.
In January the EBRD agreed to give Azbuka Vkusa a US50m 9-year syndicated loan that is secured by real estate and 30% of the Company's stock. The Company will spend the money to refurbish restaurants and refinance short-term debts.
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