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Bonds issued by LSR Invest OOO, a 100% subsidiary of LSR Group OAO , which was specially established to raise finance into enterprises of the Group, were offered to investors. The issue will mature in 3 years. The par value per bond is RUB 1,000. The entire bond issue, RUB 2 billion, has been successfully placed during one day.
During the issue placement tender, 51 applications for the total of RUB 2,415 million were submitted. The range of the first coupon rates offered by investors is 10.18 — 10.75% p.a. Based on the tender results, a decision was made to establish the rate of 1 to 3 coupons of 10.7% p.a.
This is the second bond issue of LSR Group. The first one, worth of RUB 1 billion, was placed in March 2005. Then the initial coupon rate amounted to 14%. Later on, in March 2006, the coupon rate for these bonds was reduced to 11% p.a.
«The fact that coupon rate for the bond issue became the lowest on the market of bonds issued by Russian construction companies testifies to the success of placement of our second bond issue,» comments Yelena Tumanova, Financial Director at LSR Group.
Bonds were placed by means of public placement at MICEX Stock Exchange ZAO . They will be traded in MICEX Stock Exchange ZAO and on the OTC market. Arrangers of the issue are Vneshtorgbank OAO and Uralsib FC.
LSR Group is now the major association of enterprises of Russia’s construction industry. The core lines of the Group business are production of construction materials, real estate construction and development.
IAS consolidated statements of LSR Group is certified by KPMG. As per these statements, the 2005 turnover of the Group came to some RUB 15.6 billion. Based on the results of 1H06, this parameter came to RUB 9.3 billion, which is almost twice as high as in 1H05. EBIT in the first half of this year came to RUB 721 million, and net profit, to RUB 500 million. Confer: net profit for the last year was equal to RUB 113 million.
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