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AVTOVAZ to place commercial papers
RBC, 26.03.2008, Moscow 10:40:55.The Russian automotive giant AVTOVAZ will launch the placement of its two commercial paper issues worth RUB 1bn (approx. USD 42m) each on MICEX today. Each issue constitutes the placing of 1m commercial papers with a par value of RUB 1,000 (approx. USD 42) by public subscription. The securities will mature on the 364th day from the date of placement. Troika Dialog is acting as the lead manager for the offering. A half-year call option at par value with the payout of the accumulated coupon yield is provisioned for the first issue, while the second will have a maturity of one year. A yearly coupon payout is envisioned for both issues. The coupon rate on the half-year issue is valued at 9.5-10 percent per annum, and the one-year issue at 10-11 percent per annum.
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