Expected Rate of 1st Coupon of RussNeft Bonds to Be 9% Annual
(it is being found out if Vice-President for Economics and Finances of RussNeft mentioned in the fifth paragraph is Prozorovskaya and not Romanovskaya)
Moscow, November 30/Interfax. The first coupon rate of RussNeft’s 1st series five-year bonds is expected at 9% annual, said Arthur Saribekov, a senior vice-president of Alfa Bank, a lead bank of the issue, at the presentation of the bonded debt of RussNeft.
The exact rate of the first coupon is to be determined at a placement auction at the Moscow Interbank Currency Exchange, or MICEX, the rest coupons are to be fixed by the issuer. In total there are 10 semiannual coupons on the bonds.
RussNeft is reported to do the placement of its debut bond issue for 7 billion rubles on the 16th December 2005. The company is going to place 7 million non-convertible interest-bearing bearer bonds by public subscription at a nominal value of 1 thousand rubles. The maturity time of the bonds is 5 years from the date of placement.
The bonds are covered by a three year offer for early redemption of bonds at a face-value.
As Vice President for Economics and Finances of RussNeft Olga Prozorovskaya said at the presentation, the floatation is aimed at attracting long-term beneficial financing and repayment of the existing short-term debts to Russian banks.
The loan is guaranteed by Belkamneft OAO to the amount of 2.36 billion rubles, Varieganneft OAO to 900 million rubles and Aganneftegazgeologia OAO to 4.2 billion rubles.
In 2006 the company plans to raise its oil output up to 20-25 million tons against 14.5 million tons anticipated in 2005.
Presently in the structure of Russneft there are 29 producing, refining and transporting enterprises, a retail network of petrol stations in 13 regions of Russia and CIS. The total recoverable reserves of RussNeft exceed 537 million tons.
The exact rate of the first coupon is to be determined at a placement auction at the Moscow Interbank Currency Exchange, or MICEX, the rest coupons are to be fixed by the issuer. In total there are 10 semiannual coupons on the bonds.
RussNeft is reported to do the placement of its debut bond issue for 7 billion rubles on the 16th December 2005. The company is going to place 7 million non-convertible interest-bearing bearer bonds by public subscription at a nominal value of 1 thousand rubles. The maturity time of the bonds is 5 years from the date of placement.
The bonds are covered by a three year offer for early redemption of bonds at a face-value.
As Vice President for Economics and Finances of RussNeft Olga Prozorovskaya said at the presentation, the floatation is aimed at attracting long-term beneficial financing and repayment of the existing short-term debts to Russian banks.
The loan is guaranteed by Belkamneft OAO to the amount of 2.36 billion rubles, Varieganneft OAO to 900 million rubles and Aganneftegazgeologia OAO to 4.2 billion rubles.
In 2006 the company plans to raise its oil output up to 20-25 million tons against 14.5 million tons anticipated in 2005.
Presently in the structure of Russneft there are 29 producing, refining and transporting enterprises, a retail network of petrol stations in 13 regions of Russia and CIS. The total recoverable reserves of RussNeft exceed 537 million tons.
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