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UTK

August 18, 2004

UTK series 03 bond issue registered

Southern Telecommunications Company (UTK) (RTS: KUBN, KUBNP; OTC USA: STJSY)], the principal fixed-line telecommunications provider for Russia’s Southern Federal District, reports that on August 17, 2004 the Federal Service on Financial Markets of Russia registered the issue of series 03 non-convertible interest-bearing certificated pay-to-bearer bonds of "UTK" PJSC with mandatory centralized custody. The issue state registration number is 4-07-00062-?.

Total par value of series 03 bond issue makes 3.5 billion rubles, maturity date is the 1830th day from the starting date of the issued bonds placement, face value of each bond is 1000 rubles. The first coupon rate expressed as annual interest rate is to be established at the MICEX bidding on the starting date of the bond placement. The interest rate on the second and third coupons will be equal to the first coupon rate. The interest rate on the fourth, fifth and sixth coupons is to be fixed by the Issuer not later than 10 business days prior to the date of the third coupon payment. The interest rate on the seventh, eighth, ninth and tenth coupons is to be fixed by the Issuer not later than 10 business days prior to date of the sixth coupon payment.

UTK series 03 bonds can be repaid by the Issuer at the request of Bond Holders with a possibility of their further circulation till the maturity date. In this connection, there are two periods when the bonds can be offered for repayment. Acquisition date of the bonds, target orders for sale of which have been submitted during the first period of offering the bonds for repayment, is the fifth working day (the 544-th day from the starting date of the issued bonds placement) from the date of the third coupon payment. Acquisition date of the bonds, target orders for sale of which have been submitted during the second period of offering the bonds for repayment by the Issuer, is the fifth working day (the 1093-d day from the starting date of the issued bonds placement) from the date of the sixth coupon payment.

The placement of the series 03 bonds of "UTK" PJSC at the MICEX Stock Market Section is scheduled for the first half of October 2004. The price of the bond placement for the first and subsequent days of the placement is fixed at 100 (one hundred) percent of par value. Starting from the second day of the bond placement, the buyer of Bonds when concluding transactions of purchase and sale shall also pay the accumulated coupon income on Bonds calculated from the starting date of the bond placement. Expiry date of the bond placement is one of the following dates that comes first: a) date of the placement of the last Bond of the issue; or b) the tenth business day after the starting date of the bond placement. "UTK" PJSC plans to direct financial assets to be obtained from series 03 bond issue to financing the 2004 capex program and refinancing of the Company’s obligations.

Organizer, Underwriter and Payment agent of series 03 bond issue is Open Joint –Stock Company AKB "Rosbank" (Department of investment and banking services, +7 (095) 234 09 47, MAfonsky@rosbank.ru). Financial Consultant is OJSC "FFK". NP "NDC" acts as Depositary providing the centralized custody of the bonds.

Full version of the material fact on the registration of series 03 bond issue of "UTK" PJSC as well as of the Emissive Prospectus and the Decision on series 03 bond issue of "UTK" PJSC can be viewed at “Investor Relations” of the corporate site of "UTK" PJSC www.stcompany.ru.

 

 

 

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