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Vneshtorgbank and Raiffeisenzentralbank place in full the 3-year issue of JSC KOKS bonds worth RUR 3 billion

 
21 July 2006

On 20 July 2006, the first issue of JSC KOKS bonds was fully placed at nominal value of RUR 3 billion.

The bonds were placed by an open subscription in the MICEX Stock Exchange subject to an auction to set the first coupon rate.

The auction saw 53 bids totaling RUR 4,450 million. Investors offered the first coupon rate from 8.00% to 9.30% p.a., with the majority of bids ranging between 8.85% and 9.00% p.a. According to the arrangers' estimates, foreign investors' demand was about 30% of the bond issue.

The first coupon rate set by the issuer was 8.95% p.a. (that is, RUR 44.63 per bond), the second to the sixth coupons earn at a rate equal to the first coupon rate.

The effective yield to maturity is 9.15% p.a. The results of the auction fit the bottom of the yield estimate made by the arrangers before the offering. It was due to favorable business climate, reputable syndicate members and high credit quality of JSC KOKS.

Total amount of the issue was distributed on the first date of the offering, including 230,071 bonds through the additional offering of the evening session.

Arrangers and underwriters of the issue are Vneshtorgbank and Raiffeisenzentralbank Austria.

Vneshtorgbank also acts as a placement agent.

Co-arrangers are Promstroibank, ROSBANK, Sberbank, SOYUZ Commercial Bank.

Co-underwriters are Bank of Moscow, Evrofinance Mosnarbank, TRAST Investment Bank, Alfa-Bank, Credit Bank of Moscow.

National Depository Center acts as a payment agent and a custodian.

The volume of bonded debt of JSC KOKS placed at nominal value of RUR 3 billion was registered on 13 June 2006 (Public Registration Number 4-01-10799-F). The bonds shall mature in 3 years (1,092 days) and have semiannual coupons. The issue pays the first to the sixth coupons equal to 8.95% p.a.


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