Russian Regional Development Bank explains technical default on Volgaburmash debut bond issue by lack of funds on issuer’s account
09.10.2008 - Cbonds
Russian Regional Development Bank explains technical default on Volgaburmash debut bond issue by lack of funds on issuer’s account
Russian Regional Development Bank, acting as a paying agent on a debut bond issue of Volgaburmash, informs that it has taken all necessary steps to service the issue. The coupon payment was made on October 8 in full. The principal wasn’t repaid in full due to the absence of money on the issuer’s account on October 8. On October 9 the issuer provided the paying agent with RUR346.6m, which was evenly distributed among all bondholders. The remaining RUR253.4m will be paid “within the reasonable time”, according to the issuer.
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%.
