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February 14, 2003

Road show for Volga Telecom bond in Moscow

A road show was held for a bond issued by one of Russia's largest telecommunications companies in Russia, Volga Telecom, at the Sheraton Palace Hotel in Moscow on February 13, 2003.  

Presentations were made at the road show by the director general of OJSC Volga Telecom V.F. Lyulin, an underwriter of the bond issue, vice president of MDM Bank D.A. Volkov, one of the co-underwriters and director of the department of investment banking services of Web Invest Bank, Yu. V. Novozhilov. A presentation was also given by leading expert of the corporate finance and direct invest division of OJSC Svyazinvest, L.V. Parfenova.  

Over 130 investors from various banks, investment and insurance companies based on Moscow showed up to learn about the results of the restructuring of OJSC Volga Telecom, as well as the company's investment plans.  Preliminary market studies made by the underwriters of the issue have showed remarkable interest in the bond and give every reason to predict a record low annual yield on the first coupon, which should be below 15.5%.  

The issuer arranged a meeting with investors and reporters in Moscow before the road show in Nizhny Novgorod, on February 11, 2003.  

Volga Telecom's bond is scheduled for placement on February 21, 2003 on the Moscow Interbank Currency Market (MICEX).  The total value of the issue is RUR 1 billion and term to maturity is three years.  Nominal value of each bond is RUR 1,000.  

The following interest rates are effective for the bond issue: 

-          the annual interest rate of the first and second coupons are to be determined on the first day of the issue;

-          the annual interest rate of the third and fourth coupons is to be 16.5%; 15% on coupons five-nine, and 13% on coupons 11 & 12.  

On February 13, 2004 Vedomosti newspaper published an irrevocable offer by Volga Telecom, according to which the issue is required to redeem its bonds on the date of coupon payment for the fourth coupon, February 24, 2002, at 100% of nominal value.  The underwriter of the issue is MDM Bank, co-undewriters are Web Invest Bank and the coordinator of the project is OJSC Svyazinvest.

 

 

 

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