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30.07.08

Raiffeisen was one of the organizers of the issue of Ruble bonds of the company VympelCom

On the 25th July 2008 at the MICEX stock exchange the floatation was held of the Ruble issue of bonds of VympelCom-Invest Ltd, the 100% indirect daughter company of the JSC VympelCom. From the results of the tender, the first coupon was fixed by the issuer at 9.05% per annum. Accordingly, the yield to put of the bonds in 1.5 years was 9.25% per annum. As a reminder, the initial pegged price by the organizers of the coupon issue was 8.75-9.25% per annum. 

In the course of the offering 113 investors filed an application with a total sum of more than 16 billion Rubles. In the applications filed by the investors, rates were given in the range 8.5 to 9.25% per annum. The entire volume of the issue was floated in one day. 

Raiffeisen and the Investment Company Troka Dialogue were the organizers of the issue. Dresdner Bank, Deutsch Bank, BCGV, ING Bank (Eurasia), the Investment Company Capital, BK RGION, Uraslib.

The underwriters of the issue were Kommerstbank (Eurasia), Russian Credit Bank, Standard Bank, TranskapitalBank, UniCredit.

The co-underwriters of the issue were ABSOLUTE Bank, HSBC Bank () AK BARS Bank, The bank of Moscow, The bank of Saint-Petersburg, The Royal Bank of Scotland, PromsvyazBank, Renaissance, The investment Bank ‘TRUST’.

Bonds with a total nominal value of 10 billion Rubles were issued on a 5 year time period. The bonds issued will be paid off twice a year by coupons. The rate of 1-3 coupons is equal to 9.05% per annum, the rates of the subsequent coupons will be set by the issuer. The issuer has decreed that the owners of the bonds have the right to their prior redemption at the nominal value in 1.5 years; on 26th January 2010. All payments from the issue are guaranteed by the principle head company of the group – the JSC VympelCom (The GAAP center of consolidation).

The funds from the flotation of the loan will be directed towards the further development and expansion of the principle activities, including possible acquisitions or investing in existing operators of wireless communications, and also refinancing in the debt portfolio.   

VympelCom (S&P – ‘BB+’, Moody's – 'Ba2') – a telecommunications operator which renders its services in voice communications and data transfer on the basis of a wide range of wireless and fixed-line communication technologies, and also broadband access to the Internet. In the VimpelCom group of companies are companies which render their services in Russia, Kazakhstan, Ukraine, Uzbekistan, Georgia and Armenia, which have a total population of 250 million people. The principal stockholders of the company are the Russian Altimo (44%) and the Norweigan Telenor (29.9%).  VimpelCom renders mobile and fixed-line services communications. The consolidated proceeds of the company from the results of 2007 reached 7.171 billion dollars, the OIBDA – 3.597 billion dollars.  The debt index/OIBDA – 0.8x, the OIBDA profit margin – 50.2%. Shares of the company are trading on the New-York stock exchange. For more detailed information about the issue please go to the official site - www.vimpelcom.com.

Raiffeisen is one of the leaders on the Russian market of corporate bonds. From 2001-2008 the bank was the organizer and co-organizer of the issue of 143 corporate bonds with a total nominal value of more than 464 billion Rubles.


ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 7th in terms of assets among top Russian banks based on 1Q 2008 results (Interfax-CEA). Raiffeisenbank is ranked 8th in terms of corporate lending based on 1Q 2008 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 4th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 1Q 2008 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europe's growth region are covered by subsidiary banks, finance leasing companies and a number of other financial service providers. Over 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group.

 

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