Bond issue of OJSC "Generating Company" worth 2 bln Rubles fully placed by auction
On June 24, 2008, the bonds of the first issue of OJSC "Generating Company" worth 2 billion Rubles were placed.
The bonds were placed at the Federal International Currency Exchange by public subscription in the form of a tender to determine the rate of the first bond coupon. In the course of the tender 84 applications were received from investors. The total volume of demand at the auction amounted to 4.2 billion Rubles with the rate of the first bond coupon suggested by the investors in the range from 9.05% to 9.69% interest per annum. The majority of the applications were within the range between 9.15% and 9.25% interest per annum. The rate of the first coupon set by the Issuer was 9.25% per annum (46 Rubles 12 kopecks per bond), with the rate of the second coupon equal to that of the first coupon. The effective bond-equivalent yield to the annual offer was 9.46% interest per annum.
Bank ZENIT JSC is the organizer and underwriter, as well as the settlement agent of the bond issue.
The syndicate includes:
- the leading co-organizer - Russian Credit Bank;
- co-organizer of the issue - VTB Bank;
- underwriters of the issue - ING BANK (EURASIA), Standard Bank, Savings Bank RF;
- co-underwriters of the issue - AKB Absolute Bank, Russian Land Bank, AB Devon-Credit, GL REGION, CB Stroicredit, INTERNATIONAL BANK OF SAINT-PETERSBURG.
The volume of the bonded debt of OJSC "Generating Company" at the nominal price is 2 billion Rubles (state registration number 4-01-65006-D of August 2, 2007). The bond issue is secured with a guarantee: OJSC "Tatenergo". The term of bonds circulation is 3 years (1092 days). Six half-year coupon payments are to be made on the bonds. The rates of the third-sixth coupons are to be set by the Issuer's decision. The offer on the bonds of the said issue will bet on July 01, 2009. The emission documents of the issue can be found in the Internet at: http://www.zenit.ru/investserv/attract/plan/issue/246/ .
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