OREANDA-NEWS. December 15, 2011. OJSC LSR Group (LSE: LSRG; MICEX, RTS: LSRG), one of the leading real estate developers and building materials producers in Russia, completed buy-back of its Series BO-01 bonds. The total amount of bonds was 500,000, reported the press-centre of LSR Group.

A total of 34 applications were received from bondholders. The total amount of bonds submitted was 516,428. LSR Group decided to buy-back 500,000 bonds at the maximum price of 100.75%. The total amount of transaction was RUB 527,195,000. Therefore, 23 applications were executed in full and 11 – partially.
 
Broker: URALSIB Capital
 
Dmitry Kutuzov, CFO of LSR Group, comments:
“The main aim to execute put option earlier is to reduce company’s debt and improve its maturity profile. Thanks to our operating results, at the end of the year we managed to accumulate certain free liquidity that could be used to reduce company’s debt. We are happy that our decision fully met interests of our investors and provided them an opportunity to boost their liquidity”.
 
Boris Ginzburg, Executive Director, Head of Fixed Income at URALSIB Capital, comments:
"This put option is one of the first buyback examples on Russian debt capital market since august 2011 market collapse and one of rare examples of success in deal records, when company managed to find the accurate balance, where supply meets demand. As a result, LSR Group purchased the whole planned volume of bonds, and practically all investors who lack liquidity got an opportunity to sell their bonds before maturity date. On top of that, advance bonds redemption allowed to strengthen LSR Group reputation as a high quality borrower with clear strategy and high level management".