News
21.02.2006
Vneshtorgbank and URALSIB have completely placed the third issue of five-year bonds of OAO “TMK” at the amount of RUR 5 billion
On February 21, 2006 the placement of the third issue of OAO “TMK” bonds at the total nominal value of RUR 5 billion took place.
The placement was effected at the Moscow Central Stock Exchange by means of public offering in the form of a tender for determination of the rate of the first bond coupon.
In the course of the placement 130 applications from investors were submitted. Aggregate demand at the auction amounted to RUR 7,745.505 mln. at the first coupon rate varying within the range from 7.70% up to 8.15% per annum, with most applications at the rate varying from 7.9% to 8.0% per annum.
The first coupon rate determined by the issuer amounted to 7.95% per annum (RUR 39 and 64 kopecks per each bond), the rates of the second/forth coupons are equal to the first coupon rate, the rates of the other coupons are to be determined by the issuer. The conditions of the issue provide for put-option (offer) at the value of 100% of the nominal value with the term of execution of 2 years from the date of placement start.
Effective yield of the bond to the two-year put-option amounts to 8,11% per annum which corresponds to the yield estimate made by the organizers on the eve of the placement. This result was supported by a favorable market situation, representative membership of the placement syndicate and high credit quality of OAO “TMK”.
The whole bond issue was realized on the first day of the placement.
The organizers and underwriters of this bond issue are OJSC Vneshtorgbank and FC URALCIB.
The co-underwriters of the bond issue are CJSC Drezdner Bank, OJSC “Promyshlenno-stroitelny bank», OJSC “Khanty-Mansisk Bank”, CJSC “International Moscow Bank”, AKB “SOJUZ” (OJSC), OJSC AKB “Erofinance Mosnarbank”, OJSC “IMPEXBANK”, “IK Capital” LLC, FC “Megastroil” LLC, CJSC “Raifaizenbank Austria”, OJSC AKB “ROSBANK”, CJSC AKB “CentroCredit”, and OJSC “VBRR”.
The paying agent of the issue – OJSC URALSIB Bank, bond depositary – NDC.
The amount of the bond issue of OAO “TMK” series 03 as per nominal value amounts to RUR 5 bln. (state registration number 4-03-29031-Н dated 29.11.2005). The circulation period is 5 years. The bonds provide for payment of semiannual coupons.
OAO “TMK” intends to invest funds received within the framework of the bond issue placement into restructuring of the advances portfolio and financing of the investment program.
