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Svyazinvest

July 23, 2003

FSC registers Far East Telecom bond issue

The Federal Securities Commission registered on July 18 a D1 series coupon interest-bearing non-convertible pay-to-bearer bond issued by Far East Telecom (ESPK) for a total value of Rub 1 billion.  The total number of the issue is 1,000,000 units with par value per bond of Run 1,000.  The issue was assigned state registration number 4-09-30166-F.

The lead arranger, underwriter and payment agent for the issue is joint stock commercial bank Trust and Investment Bank (open joint stock company).

The financial consultant in the process of the issue will be ZAO Investment Company ABK.  The issue is to be placed by way of open subscription on the Moscow Inter-Bank Currency Exchange (MICEX). The global bond certificate is to be held by the National Depositary Center. 

The bond issue carries a 3-year maturity.  Semi-annual coupons are to be paid out on the issue.  The yield for the first coupon is to be fixed at the auction on the first day of placement.  The yield for the second bond will be the same as for the first one.  The yields of the other coupons are to fixed and will be as follows: third and fourth coupons – 10% annualized yield; firth and sixth – 9%.  All proceeds derived from the bond issue are to be allocated for the implementation of Far East Telecom’s investment program, which calls for developing its telecom networks and advancing the company’s cellular exposure

The placement date of the issue is to be determined by the Board of Directors in accordance with the recommendations of the bond syndicate.

 

 

 

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