JSC FEGC Announced Placement of the First Issue of Bonds
OREANDA-NEWS. On 27 March 2008 was announced, that the placement of the interest-bearing documentary inconvertible bonds of JSC Far Eastern Generating Company to the bearer of the series 01 with the obligatory centralized storage will be open. The decision about the date of inaugural bonds issue have been accepted by the Board of Directors of JSC FEGC.
The placement of bonds will be on the Moscow Central Stock Exchange by means of the public offering at the price equal to 100% of the nominal shares. The term of bond circulation is 5 years. The volume of the placed issue is 5 milliard rubles. Right of pre-emption of the bonds has not been stipulated.
Bonds have 10 coupon periods (182 days each). Coupon rate will be defined during the MCSE tender. The interest rate of the second- sixth coupons is equal to first coupon.
Board of Directors of JSC FEGC has also made decision about placement of the additional offer for a term of 1 year. Thus the structure of two offers issue have been stipulated: the main one in three years and additional – in one year upon placement the investors can sell the securities at the price of 100% from the nominal (1 thousand ruble). Additional offer shall be presented for the full volume of issue. JSC Far Eastern Generating Company purposely bears responsibility for the additional offer and considers that such decision reduces risks for the buyers.
It will be remembered that the purpose of emission – is restructuring of the credit portfolio of JSC FEGC for its optimization. Funds attracted by means of bond loan placement shall be intended for amortization of the credits directed at financing Nikolaevsky TPP gasification project (approximately 20%) and refinancing of the bank credits (more that 80%).
Organizers and underwriters of the loan are JSC AKB Rosbank, Kit Finance Investment Bank.
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