OREANDA-NEWS. On May 13, 2008, trading company Polesie fulfilled its obligations, on time and in full measures, under its series 01 bonded debt (government registration number 4-01-36242-R dated March 15, 2007), completing the offer for the bonds and paying proceeds on the fourth coupon. Bank Electronika is organizer, underwriter, and paying agent for the issue.

Under the offer, Polesie acquired obligations totaling 378.198 million rubles (three hundred and seventy-eight million, one hundred and ninety-eight thousand rubles). Repurchase of the bonds was carried out at 100% of their nominal price under terms described in the decision to issue and the prospectus for the obligations.

The payment made for the fourth coupon of the Polesie bonds totaled 15.895 million rubles, which is an annual interest rate of 12.75 percent.

Igor Potapov, Head of Treasury at Bank Electronika, commented: “During the year that Polesie’s obligations have been in circulation, the enterprise confirmed its reputation as a reliable borrower, meeting all its obligations before investors in a timely manner. I would add that standard recordkeeping required by the Republic of Belarus contains considerable protection from the risk of liquidity loss for businesses. The Belarusian economy today shows dynamic growth. The global crisis in liquidity virtually sidestepped the republic. These factors contributed to the successful completion of the offer by the issuer, whose obligations circulated in the Russian securities market during the crisis. The experience we gained as organizer of the bonded debt for the Belarusian business shows that we made a good choice in our selection of a strategic partner. The Bank plans to continue to work with enterprises from the Republic of Belarus.”

On April 23, 2008, trading company Polesie set the interest rate on the fifth through twelfth coupons for the series 01 bonds. They will pay interest at 16 percent per year.