OAO Volgaburmash announces technical default on debut bond issue worth RUR600m
09.10.2008 - Cbonds
OAO Volgaburmash announces technical default on debut bond issue worth RUR600m
OAO Volgaburmash has announced a technical default on its debut bond issue, as it failed to redeem the bonds on October 8. The last coupon payment was made. The inability to redeem the bonds duly was connected with a technical problem in transferring the money to the paying agent’s account.
1-2 coupons: 11.1%
3 coupon: set by issuer
4 coupon: equals the 3-rd one
5 coupon: set by issuer
6 coupon: equals the 5-th one
Coupon frequency:
2 time(s) per year
Maturity date:
Oct 08 2008
Issue Managers:
Lead: Russian Regional Development Bank
Trading floor:
MICEX,RTS
Issuer profile: Volgaburmash is the major oil-field drilling tools manufacturer for domestic and foreign markets. It produces over 85% of oil exploration and production equipment in Russia.
Shareholders: Andrey Ishuk - 19,9798%, Victor Gorguraki - 19,9751%, Mikhail Gavrilenko - 15,1494%, Russian Regional Development Bank - 9,5939%.
