Nizhny Novgorod, March 2004. On November 22, 2004the seventh coupon payment was made for Volga Telecom’s VT series-1 documentary, interest-rate, pay-to-bearer bonds. On November 18, 2004the total amount of payment for the seventh coupon was transferred to the account of the payment agent for this bond issue, MDM Bank.

The seventh coupon carries a 15 % yield or 37.4 RUR per bond. Total payment to all bondholders amounted to RUR 37,400,000.

The amount of the issue is 1 billion RUR, with a total of 1,000,000 bonds issued with a maturity of 3 years. Par value is 1,000 RUR. 

Twelve 2-month coupon periods are provided for under the terms of the issue. The rate for coupons 1 and 2 is 4.75 %, 16.5 % for 3 and 4, for 15 % for 5-10 and 13 % for 11-12.