Vneshtorgbank and the Bank of Moscow fully placed the bond issue of NPO SATURN worth RUR1.5 bln at par on March 24, 2005.
The issue was placed on MICEX; the first coupon rate was set at the auction.
The auction saw 124 bids in total amount of RUR3,131 mln. Investors offered first coupon rate of 9.5% - 14% p.a., with most bids ranging between 11.4% and 11.8% p.a. In our estimate, around 30% of the issue was bought by foreign investors.
The first coupon rate was set at 11.50% p.a.; the second coupon equals the first one, the remaining coupons are to be determined by the issuer. The issue terms provide for a put-option at 100% of par due on March 28, 2006.
The effective yield to the 1-year put-option amounted to 11.83% p.a.
The total amount of the issue was placed at launch.
Vneshtorgbank and the Bank of Moscow manage the deal.
International Moscow Bank, Rosbank, Russian Regional Development Bank, Web-Invest Bank, Eurofinance Mosnarbank, NOMOS-BANK, Sviaz-bank, Conversbank, National Standard Bank, and Soyuz bank are the issue co-underwriters.
FFK acts as the financial advisor; National Depository Center is the depository and paying agent.
The ruble bond issue of NPO Saturn worth RUR1.5 bln at par was registered on Feb. 3, 2005 (registration #4-01-50001-À). Bonds maturity – 3 years (1095 days); the issue carries six semiannual coupons.
Note:
NPO Saturn is the leading engine manufacturer in Russia, with history going back to the beginning of the 20th century. In the first nine months of 2004 the company posted profit of RUR4.2 bln, sales proceeds – RUR962 mln, net revenue – RUR434 mln. In 2005 NPO Saturn plans to raise the net revenue in amount of RUR970 mln, and increase its profit to RUR10.3 bln (including external financing of R&D).
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