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The third issue of NPO Saturn bonds worth RUR 3.5 billion is fully placed

8 June 2007

On 8 June 2007, a full placement was made on MICEX stock exchange of the third issue of documentary interest bearing bonds payable to bearer issued by NPO Saturn and worth RUR 3.5 billion.

There were 107 bids submitted by the investors, with the total volume reaching RUR 4.34 billion. The proposed first coupon rate ranged from 7.40% to 9.50% p.a., and most of the bids were within 8.60% to 8.80% p.a.

The first coupon rate was set by the auction at placement and amounted to 8.75% p.a. (which is RUR 43.63 per a bond); the rates of the second to third coupons were equal to the first coupon rate, the other coupon rates will be extra set by the Issuer.  

The effective yield to maturity was 8.94% p.a.; which is equal to the yield bottom estimated by the arrangers before the placement.

As a result of the auction, 98 bids were satisfied.

The issue was fully placed on the commencement day.

JSC VTB Bank acted as arranger and underwriter of the issue.

Co-arrangers of the issue were appointed ABSOLUT BANK and MDM-Bank.

Co-underwriters of the issue were Bank of Moscow, Gazprombank, GLOBEXBANK, Kapital Investment Group, NovikomBank, NOMOS-BANK, Renaissance Capital, Sberbank, Svyaz-Bank, SOYUZ Bank and Uniastrum Bank.

National Depository Center participated as a paying agent and depository of the bonds.

The volume of NPO Saturn bond issue is RUR 3.5 billion (State Registration Number is 4-03-50001-А of 27 April 2007). The issue matures in 2 555 days (7 years). The issue terms provide for a put option at 100% of par due on 9 December 2008. The issue will have semi-annual coupon payment. The rates of the first to third coupons are 8.75%, the other coupon rates will be extra set by the Issuer.

For reference:
NPO Saturn is one of the largest Russian engineering enterprises successfully developing and implementing high technologies both in military and in non-military sectors. Major activity of NPO Saturn is development and production of engines and gas-turbine units used in military and civil aviation, as well as in fuel and energy complex. Today, the key projects of NPO Saturn are SaM-146 aviation engines, developed together with a French company Snecma Moteurs, and planned to be installed on new Russian Sukhoi Superjet-100 aircrafts; engine Burlak D-30KP, which will replace old engines on IL-76 Russian planes; and aviation engine of the fifth generation, which will be used in development of fifth generation military planes.
NPO Saturn is one of the largest Russian producers of gas-turbine on-land equipment. Its major customers are RAO UES, Gazprom and other fuel and energy companies.

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