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Completion of first sale of stake in newly created Generation Company |
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Halcyon Advisors, Aton International Ltd., Integrated Energy Systems and ING Bank N.V. have completed the first stage of a deal involving stakes in companies spun-off from Rostovenergo.
The deal provides the first derivative instrument issued and placed for new utilities prior to their separation, registration and listing on Russian exchanges.
ING Bank N.V. (Amsterdam) has issued more than $20 mln. in CLNs for Rostov Generation Company (RGC) under registered USD 12 bln. Limited Recourse Obligation Programme. Acting as lead-manager Aton International Ltd. has placed the notes with foreign and Russian investors.
One common/preferred note gives the right to one RGC common/preferred share. The notes trade on Euroclear/Clearstream (Luxemburg) with a maturity of two years; note holders can swap the notes for generation company stock three times a year.
ING Bank N.V. has only issued notes against generation company stock. It plans to issue notes against the shares of other companies spun-off from Rostovenergo (transmission, sales and management).
In October 2004 Halcyon Advisors bought a sizable stake in Rostovenergo from Integrated Energy Systems (IES). As a result of the power sector restructuring program Rostovenergo has been split into separate generation, transmission and distribution companies. IES, Halcyon and Aton teamed up to issue an instrument allowing investors to avoid the period of illiquidity for the newly incorporated companies.
For more information please contact:
ING Bank (Eurasia) ZAO, Maria Poshisholina, +7 095 755 51 70, maria.poshisholina@ingbank.com
ATON LLC, Vladislav Vershinin, +7 095 777 88 77, pr@aton.ru
Integrated Energy Systems, Nadezhda Rukina, +7 095 980 59 00, N.Rukina@kes-holding.ru
HALCYON ADVISORS, Natalia Chernyshova, + 7 095 783 6780, info@halcyonadvisors.com
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