On December 28, 2004 the Federal Securities Service registered the third issue of interest-bearing pay-to-bearer documentary bonds of North West Telecom with par value of Rub 1,000.  The total amount of the issue is Rub 3 bln.  In addition, the issue prospectus was registered. 

The main features of NWT’s 3^rd bond issue are as follows: 

-          Term to maturity is 6 years with call option in 3 years;

-          Bonds are placed at par value.  The auction is to be held at the rate established for the first coupon.  The other coupons (to be paid out on a quarterly basis) will be equal to the first.  At the end of the 3-year period the company will adopt a decision on determination of the coupon rate during the next three years.

-          Method of placement: public subscription.

-          The beginning date of the bond placement is to be determined depending on market conditions.  Target date is Q1 2005 (no earlier than 2 weeks after disclosure of information on state registration of the issue).

-          As in the second issue, gradual redemption of the bonds is provided for.

-          The bonds will be partially redeemed at par value on the following dates: 

         On the 1,820^th day from the beginning of placement of the issue – redemption of the first part – 30% of par value of the bonds.

        On the 2,002^th day from the beginning of placement of the issue – redemption of the second part – 30% of par value of the bonds.

        On the 2,184^th day from the beginning of placement of the issue – redemption of the last part – 40% of par value of the bonds.

NWT Finance will act as 100%-owned n ad hoc subsidiary for these purposes. The underwriter of the issue will be Web Invest Bank, and the co-underwriter will be ABK Svyaz Bank.  ABK investment company will be the financial consultant. 

The second issue worth Rub 1.5 bln is currently in circulation.