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Vneshtorgbank fully placed the 5-year bonds of Bashkirenergo worth RUR 1.5 billion, series 03

 
5 April 2006

On April 4, 2006, a placement was made of the bond issue of Bashkirenergo bond issue worth RUR 1.5 billion.

The bonds were placed on the MICEX trading platform through an open subscription with a tender for the first coupon rate.

There were 40 investors bidding for the bonds with the total volume exceeding RUR 1.9 billion. The first coupon rate was offered by investors in the range of 7.99% to 8.80% p.a., with most of the bids being within 8.00% to 8.50% p.a.

The first coupon rate as set by the Issuer amounted to 8.3% p.a. (which is RUR 20.47 per a bond), the rate of the second to twelfth coupons are equal to the first coupon rate, the remaining coupon rates will be defined by the Issuer after the final issue report is registered in compliance with issue documents.

Effective yield of the bonds to purchase date is 8.56% p.a., which is in line with the yield estimated by the arrangers before the placement.

The whole issue was fully placed through the tender at the commencement day.

Vneshtorgbank is an arranger, an underwriter and a paying agent of the issue and the National Depository Center is a depository for the issue.

Co-underwriters of the issue are Evrofinance Mosnarbank, SOYUZ Bank, Deutsche Bank (Russia), International Moscow Bank, BARS Bank, Russian Bank for Development and Standart Bank.

The volume of Bashkirenergo bond issue is RUR 1.5 billion at par (State registration No. 4-03-00012-А as of 03.03.2006). The bonds will mature in 5 years (1800 days) and have quarterly (90 days) coupons. The Issuer has made a decision to purchase up to 1.5 (one and a half) million bonds within the last 10 days of the twelfth coupon period under the terms and conditions set forth in Clause 9.3.1. of the Bond Issue Approval and Clause 9.1.2. of the Offering Memorandum.


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