CPN sinks .. MSNG repays debt
AO MOSENERGO has effected one issue of bonds.
State Registration Number 4-01-00085-A, the issue was registered by the Federal Commission for Securities Market (the FCSM of Russia) on October 24, 1997. The total number of bonds in that issue was is one, with a par value of USD 200 million. The annual yield of the bond is 8.375%, the period of circulation is from October 25, 1997 to October 25, 2002. The bond was placed under a closed subscription arrangement with AO MOSENERGO Finance B. V., a company set up and existing under the law of the Netherlands. AO MOSENERGO Finance B. V. issued bonds with an aggregate par value of USD 200 million at the rate of 8.375% per annum and maturity in 2002, unconditionally and irrevocably guaranteed by AO MOSENERGO (the «Eurobonds»). As a result of AO MOSENERGO repurchasing part of the Eurobonds, AO MOSENERGO Finance B. V. effected advanced redemption of that part of the debt, which in turn lead to the need to reduce the principal amount, which AO MOSENERGO undertook to repay at the bond's maturity, which bond had been issued by AO MOSENERGO under the laws of the Russian Federation.
As of January 01, 2002, the outstanding debt on the Eurobonds amounted to USD 150.8 million. In the two first months of 2002, it was reduced by USD 40.8 million, and as of March 01, 2002 the amount of outstanding Eurobonds was USD 109.97 million.
On October 8, 2002, AO MOSENERGO paid the coupon and redeemed the principal of the Eurobond loan. The company carried out the redemption in accordance with the loan agreement. The company redeemed bonds for the total amount of $109.97 million. The coupon payment amounted to $4.605 million.
AO MOSENERGO used the attracted funds to finance the investment program and increase current assets.
AO MOSENERGO strictly complied with its obligations regarding debt servicing. |
