27 Nov 2009 13:18

Atomenergoprom places 50 bln rubles in bonds

MOSCOW. Nov 27 (Interfax) - OJSC Atomenergoprom, which is consolidating Russia's civilian nuclear industry assets, placed 50 billion rubles in first- and second-series bonds on the MICEX Stock Exchange on November 26, the company said in a statement.

The two bond series totaled 60 billion rubles, but the company said it only sold 50 billion rubles because it did not need to borrow more at present.

Sberbank is underwriting the placement. The bonds have five annual coupons and mature on February 14, 2014. Atomenergoprom said earlier that yield on the first coupon had been set at 11.5% pa.

The rates on the following coupons will be pegged to the Central Bank's one-year repo rate plus 2.25%.

The bonds will carry a put option and will be guaranteed by Rosatom.

Atomenergoprom has said it intends to place three series of bonds worth 30 billion rubles each by the end of this year. It could place another seven series of bond next year if the need arises. The company could raise 195 billion rubles with bond issues in total, using them to refinance short-term loans raised by nuclear industry enterprises and to part-finance some investment projects in 2009 and 2010.