LSR entirely places 1.5 bln rubles in debut exchange bonds
ST. PETERSBURG. June 29 (Interfax) - OJSC LSR Group entirely placed its first series bond issue worth 1.5 billion rubles, the company said in a press release.
The placement consists of 1.5 million bonds at a face value of 1,000 rubles each.
LSR Group set the first coupon rate of its debut exchange bond series at 10.5% on June 28, the company said.
The placement of the issue, which is worth 1.5 billion rubles, on June 29. The group will place 1.5 million bonds at a face value of 1,000 rubles. The company collected purchase applications between June 22 and 25.
The bonds will mature over 1,092 days from the placement date. The bonds will have six semiannual coupons. The rates of coupons two through four will be equal to that of the first. The issue also includes a two-year offer.
Uralsib and Sberbank are the organizers of the issue.
The group plans to use the funds from the placement for refinancing a portion of its short-term debt slated for payment in 2011.
LSR Group, founded in 1993, includes a property development unit and a construction materials and construction services unit.
Andrei Molchanov is the majority shareholder. Other major shareholders include Molchanov's uncle, Mikhail Romanov, Georgi Vedernikov, Igor Levit and Yevgeny Yatsyshin.