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ZAO Russian Sea debut bond issue worth RUR 2 billion is fully placed

21 June 2007

DocumeOn 21 June 2007, a full placement was made on the MICEX stock exchange of documentary interest bearing bonds payable to bearer issued for the first time by ZAO Russian Sea (guaranteed by ZAO Russian Fish Company) and worth RUR 2 billion.

There were 111 bids submitted by the investors, with the total volume reaching RUR 3.13 billion.  The proposed first coupon rate ranged from 8.50% to 10.30% p.a., and most of the bids were within 9.49% to 9.80% p.a.

The first coupon rate was set by the auction at placement and amounted to 9.50% p.a. (which is RUR 23.68 per bond); the rates of the second to fourth coupons were equal to the first coupon rate, the other coupon rates will be extra set by the Issuer. 

Effective yield to a year offer is 9.84% p.a., which is below the yield bottom line estimated by the arranger before the auction. 
As a result of the auction, 45 bids were satisfied.

The issue was fully placed on the commencement day, with 262 660 bonds being placed in the addition trading session held in the evening. 
VTB acted as arranger and underwriter of the issue.

Bank ZENIT was co-arranger of the issue.

Underwriters of the issue were Promsvyazbank and SvyazBank.

Evrofinance Mosnarbank, NOMOS-BANK, Bank Petrocommerce, Severnaya Kazna, Slavinvestbank, Bank SOYUZ and Uniastrumbank Bank became co-underwriters.

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

The volume of the Russian Sea bond issue is RUR 2 billion (State registration Number 4-01-12184-Н of 22.03.2007). The issue matures in 1 820 days (5 years). The issue terms provide for a put option at 100% of par due on 23 June 2008. The issue will have semi-annual coupon payments. The rates of the first to fourth coupons are 9.5%; the other coupon rates will be extra set by the Issuer.

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