23 Sep 2009 13:50

Sibirtelecom delays bond issue until H1 2010

NOVOSIBIRSK. Sept 23 (Interfax) - OJSC Sibirtelecom has changed the time of its bridge bond placements from the fourth quarter of 2009 to the first half of 2010, the company's director for economy and finances, Alexander Sheifer, said during an Internet conference on Wednesday.

He said that the start of the placement of the three issues worth at total of 4 billion rubles is slated for the first half of 2010.

Sheifer earlier said: "with positive market trends the placement is expected no earlier than the fourth quarter of 2009."

Sibirtelecom's board of directors approved the placement of three bridge bond issues worth a total of 4 billion rubles on June 10. Series BO-01 comes to 2 billion while series BO-02 and BO-03 are each worth 1 billion rubles. The face value of one bond equals 1,000 rubles.

The funds will be raised in order to finance the company's 2009 investment program and refinancing current liabilities.

Sibirtelecom is the incumbent fixed-line provider in the Siberian Federal District. The company's main shareholder is Svyazinvest with 50.67% of common stock and 38.23% of voting stock.