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Unified Energy System

October 21, 2005

RAO "UES of Russia" pays last coupon and redeems its Series 2 Bonds in Full and in a timely manner

Moscow, 21 October 2005. RAO "UES of Russia" redeemed RUB3 billion worth of its Series 2 interest-bearing bonds and paid RUB225.63 million in interest on the bonds for the sixth coupon period. The payments were made in full and in a timely manner.

The coupon amount was RUB75.21 per bond with a par value of RUB1,000. The paying agent and underwriter for the bond issue is TRUST Investment Bank.

The bonds carried six coupons, with the interest rate of 15% per annum. The previous five coupons for a total amount of RUB1.12 billion were also paid in full and in due time. On 22 October 2003, RAO "UES of Russia" made an annual offer of early redemption of the bonds at 102.36% of the par value (RUB1,023.6 per bond), but no investors accepted that offer.

The resolution to issue RUB3 billion of bonds was approved by the Board of Directors of RAO "UES of Russia" at the Board meeting held 21 June 2002. The bonds were floated on the Moscow Interbank Currency Exchange (MICEX) on 22 October 2002. The bond placement report was registered with the FCSM of Russia on 19 November 2002. The maturity period of the bonds was 1,095 days.

The proceeds from the bond issue were used to finance the current operations of the Company.

 

 

 

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