X5 Registers Two Ruble Bond Issues
OREANDA-NEWS. On 31 July 2008 X5 Retail Group N.V., Russia's largest retailer in terms of sales (LSE ticker: “FIVE”), announced that its wholly owned subsidiary X5 Finance LLC has approved a bond prospectus with respect to two tranches of corporate ruble bonds series 4 and 5 and plans to submit to the Russian Federal Financial Markets Service (“FFMS”) a set of documents for registration of the above tranches.
In accordance with the Prospectus, the bonds will have maturity of 7 years. Notional amount of each tranche will total RUR 8 billion (8 million bonds at a par value of RUR 1,000). The bonds are non-convertible, interest bearing, documentary. The form of placement will be open subscription.
X5 Retail Group CFO Evgeny Kornilov commented:
"X5 continues to grow, and ruble bond market offers interesting fund raising opportunities. Therefore, we are making steps to prepare for a potential placement. Final decision on the issue, including timing, size and interest rate will depend on the development of the situation in the debt markets and X5’s financing needs”.
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