MIRAX GROUP Repays First CLN Issue
Moscow, February 27, 2008
When it repaid the final 4th coupon on February 27, 2008, MIRAX GROUP fully repaid its first US$100m credit-linked note (CLN) issue, including a US$22.7m portion that was repaid on February 27, 2007, when the note holders used a call option. The CLN's had a two-year maturity.
Bank ZENIT was arranger and bookrunner, Alpha-Bank, co-arranger and bookrunner, and Dresdner Bank AG, issuer of the credit-linked notes. CLN's were offered to British, Asian, European, Russian and Baltic investors on February 22, 2006.
FOR REFERENCE:
MIRAX GROUP is an international investment/development corporation that is one of Russia's five largest developers. The corporation focuses on unique projects that are unprecedented for Russia.
MIRAX GROUP made its first steps on the Russian market in 1994. Today MIRAX GROUP is active in Russia, the CIS and other markets. The corporation's shareholders do business in Russia, Ukraine, France, Turkey, Cambodia, Montenegro, the USA and Switzerland.
It is forecast that the corporation's 2007 revenue is approximately US$1.2bn, or a 230% increase year on year; its EBITDA, approximately US$500m (also a 230% increase) and net income, approximately US$300m (it rose 200% year on year). Total investments in construction were approximately US$1.5bn 2007. 6 projects were commissioned in 2007, with a total area of 623,000 square meters. In late 2006 and in 2007 the corporation began construction of 7 projects with a total area of 2,426,000 square meters. The corporation's portfolio includes sites and projects with a total area of over 12m square meters.
In late 2006 MIRAX Group was upgraded to B2 by Moody's Investor Service and to B by Fitch Ratings (with a "Stable" Outlook in both cases). MIRAX GROUP was Russia's first developer to switch over to US GAAP.
MIRAX GROUP is a member of the Russian Association of Builders, the National Business Russia Association and the Association of Russian Managers.
Chairman of MIRAX GROUP's Board of Directors is Sergei Polonsky, and chairman of the Executive Board is Maxim Privezentsev. Other members of the Board of Directors are Dmitri Lutsenko, Alexei Adikayev and Maxim Temnikov.
OJSC Bank ZENIT (www.zenit.ru) is one of the country's 25 leading private finance and credit institutions in terms of assets, profit and equity (according to Rosbusinessconsulting and Expert RA Rating Agency). Provision of integrated corporate banking services is one of its core areas of operations. Bank ZENIT is actively involved in development and promotion of retail services, and offers its individual customers the full range of banking programs, including deposits, mortgage, consumer and car loans, bank cards, and safe deposit boxes. The Bank also has strong positions in the market for investment and private banking services. Bank ZENIT is rated by international rating agencies at Ba3/Stable (Moody's) and B/Positive (Fitch).
Bank Group ZENIT's Press Service
phone: +7 (495) 937 07 37, +7 (495) 777 57 07,
e-mail: info@zenit.ru
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