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CenterTelecom board of directors announced the put date for Series 03 bonds.
On September 7, 2004, CenterTelecom board of directors decided to announce the put date for Series 03 CenterTelecom bearer coupon non-convertible bonds with obligatory centralized custody (issue state registration number 4-18-00194? as of August 1, 2003) maturing on 19.09.2005. MDM Bank will be the purchasing agent for the issue.
The bonds put price will be determined as the sum of two values:
- 101.5 % (one hundred and one point five per cent) of the bonds’ par value;
- Accrued coupon income as of the put date pursuant to the order determined by the Resolution to issue securities and securities Prospectus approved by CenterTelecom Board of Directors on June 28, 2004, Minutes N11 as of June 18, 2003.
According to the first deputy general director and CenterTelecom financial director Alexei Lokotkov, the put terms allow the company to keep Series 03 bonds attractive for the capital market participants.
As a result, the issuer provides a full value yield curve enabling investors to work with both short and long term bonds issues: with the maturity of 8 months (Series 02), putable within 1 year (Series 03) and 2 years 3 months (Series 04). In the current market this offer should be quite attractive for its participants at the highest graded telecommunication companies’ bonds level and will allow to choose the most acceptable investment strategy.
Reference: CenterTelecom issued Series 03 bonds for a total of RUR 2 billion. The issue was placed on Moscow Interbank Currency Exchange on September 16-17, 2003. The issue was managed and underwritten by Moskovskii Delovoi Mir commercial bank and Troika Dialog Investment company. Series 03 issue is putable 1 year after accommodation, i.e. on September 16, 2004. The bounds pay coupons semiannually. The coupon rate is 12.35 % annual.
In addition, CenterTelecom Series 02 (issue volume = RUR 600 million maturing on 21.04.2005) also trade on the market. On August 31, 2004 Series 04 bonds for a total of RUR 5 622 billion maturing on 21.08.2009 were placed.
CenterTelecom is a leading fixed communications company that provides the entire range of telecommunication services in the Central Federal District where over 20 % of the population of Russia resides.
CenterTelecom offers all kinds of telecommunication services, including telephony service, the Internet, IP telephony, data communications, CATV, wired and VHF broadcasting. The company is actively developing up-to-date multiservice and SDH-networks as well as new radio access systems.
The Company trades on RTS (ESMO, ESMOP), Moscow Interbank Currency Exchange (CTEL, CTELP) and has ADR Level 1 common stock program (CRMUY).
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