OREANDA-NEWS. November 30, 2009. JSC Atomenergoprom’s 1 and 2 series bonds with a total nominal value of RUR 50bn were placed on MICEX Stock Exchange on 11.26.2009.

RUR 50bn were placed out of 60bn claimed before by the decision of JSC Atomenergoprom which is subject to the industry’s current need for borrowed resources.

The amount of RUR 50bn placement is conditional upon the amount of JSC Atomenergoprom affiliates’ short-term loans as of the end of November subject to refunding under better terms as on both the rate and the date.

As a result of further bond placements, JSC Atomenergoprom is planning to refund the residual loan portfolio as well as to attract money in оrder to finance investment programs of State Atomic Energy Corporation Rosatom.

The bonds are placed by public subscription book-building. Sberbank of Russia is the organizer and technical underwriter.

The bonds have five annual coupons with the maturity term expiring on February 15, 2014. The 1st bond coupon rate of JSC Atomenergoprom’s both series equals to 11.5% per annum. Rates of further coupons will be determined as a fixed rate of the Bank of Russia for direct repo operations for a term of 1 year increased by 2.25% per annum. In case of the absence for whatever reason of one year fixed direct repo rate, the rate for the relevant bond coupon is estimated as a one day fixed direct repo rate of the Bank of Russia increased by 2.75% per annum.

All bond issues are guaranteed by State Atomic Energy Corporation Rosatom. According to the terms of placement up to 10 series are planned to be issued for a maximum of RUR 195bn. The remaining 8 bond series will be placed when the need arises during 2009-2010. As on the conditions of issue the emitter has the right for an early bond calling.

The attracted funds will be used to refinance short-term loans obtained by the industry’s enterprises and to finance part of investment program of its affiliates and Rosatom’s enterprises in 2009-2010.