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LSR Group

June 29, 2010

LSR Group successfully places bonds worth RUR 1.5 bn

Today, on 29 June 2010, LSR Group (LSE: LSRG; MICEX, RTS: LSRG) has fully placed Series BO-01 certificated interest-bearing non-convertible bearer bonds of OJSC LSR Group with a total value of RUR 1.5 bn. The first coupon rate amounted 10.5% in Russian roubles. The put option will be executed in 2 years. The company has placed the bond issue for the first time.

The identifying number of the issue is 4Â02-01-55234-Å dated 24 November 2009. The number of bonds placed is 1.5 million with a nominal value of RUR 1,000 each. The bonds were placed by open subscription on ZAO MICEX Stock Exchange.

Circulation period of the bonds is 1092 days since the commencement date. The put option will be executed after the fourth coupon period. The interest rate of the second, third and fourth coupons is equal to the first coupon rate. The first coupon yield is RUR 52.36 per bond.

The placement was conducted by the Financial Corporation Uralsib and Sberbank of Russia.

Elena Tumanova, CFO of LSR Group, commented:
“We consider the placement to be quite a success. Our debt securities were in high demand among investors, and I think that, the first coupon rate, being the lowest in the bond history of our company, demonstrated high quality and security of our new debt instruments. I thank all the investors for their support which I see as a deserved result of our well-balanced financial policy, punctual fulfillment of the obligations and effective strategy of the company aimed at further business development and growth. Having received the proceeds from this bond placement, the company is ready to refinance a part of its short-term debt maturing in 2011”.

Boris Ginzburg, Executive Director, Head of Debt Instruments Department of URALSIB Financial Corporation, commented:
“The return of LSR Group to the debt market for the first time since 2008 is certainly a success – the coupon rate suits the company’s credit quality and the 2-year put option period is a record for the first bond placements of LSR Group. In my opinion the placement success was determined not only by the right time chosen for it, but also by the company’s well-balanced financial strategy aimed at increasing its investment potential, which was proven by recent successful SPO and improved international credit rating”.




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