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Gold/Mining/Energy : Mosenergo ADR

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From: Copperfield	12/20/2005 9:58:58 AM
	of 241

Mosenergo approves EBRD's $250 mln loan 17:34 \| 20/ 12/ 2005 MOSCOW, December 20 (RIA Novosti) - The Moscow utility grid company Mosenergo approved a decision to take out a $250 million loan from the European Bank for Reconstruction and Development (EBRD) to finance the development and technical upgrade of its energy system, the press office of Mosenergo said Tuesday. Mosenergo will use the 12-year loan to finance the upgrade of its electric power stations on the basis of modern electrical and thermal power technologies and environmental measures to reduce harmful emissions into the atmosphere. The company's board of directors also approved a decision to float the company's bonds worth 10 billion rubles (about $350 million) on the Moscow Inter-Bank Currency Exchange via public subscription. The bonds will be issued in two tranches ($175 million each) to mature in 1,820 and 3,640 days from the date of placement. After its reorganization in April 2005, Mosenergo generating company includes 17 electric power stations with a total capacity of 10,600 MW. In the coming 15 years, the company intends to implement a large-scale program of its upgrade and increase its capacity by 2,100 MW before 2010.

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