7 Oct 2010 12:03

Seventh Continent announces new offer on second series bonds

MOSCOW. Oct 7 (Interfax) - OJSC Seventh Continent has announced an offer for its second series bond issue worth 7 billion rubles, the company said in a statement.

Investment will be able to present bonds for buyback during December 12-16, 2010. The bonds cane been acquired at face value of 1,000 rubles on December 19.

The company placed five-year bonds by open subscription on the MICEX in June 2007. In November 2009, Seventh Continent restructured 99.9% of this issue. MDM Bank was the restructuring agent.

In order to restructure the issue, the company placed exchange bond series BO-01 worth 5.8 billion rubles. The issue will be redeemed in equal stakes of 20% at face value a year following the placement.

The issuer also bought out 0.07% of the issue (5 million rubles) in June through an offer.

Seventh Continent operates a chain of 142 stores, including 10 hypermarkets. Alexander Zanadvorov's Pakwa Investments Ltd owns 74.8% of shares.