OREANDA-NEWS. On January 11, 2009, the due date, Stroyindustriya PSK, Pte., failed to credit 36,330,750 rubles to Sviaz-Bank’s account opened to pay coupons on the company’s Series 01 bonds in what is rated as a technical default. Sviaz-Bank acts as a paying agent for the company’s bond issue, reported the press-centre of Sviaz-Bank.

According to the information released by Stroyindustriya PSK, the company is going to make good in full the arrears in which it is with coupon payments to its bondholders until this coming January 19.

Stroyindustriya PSK, Pte., floated its first-ever bond issue to raise 1 billion rubles on July 10, 2008. Its bonds have a maturity of three years, and the first to third coupons carry an interest of 14.5% per annum, or 72 rubles 30 kopecks per bond.