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X5 Retail Group to issue bonds
RBC, 30.07.2008, Moscow 17:06:16.X5 Finance, the Russian retailer X5 Retail Group's special purpose entity, has decided to place series 04 and 05 bonds worth a total of RUB 16bn (approx. USD 686m), the company said in a statement today. The maturity period of each offering is expected to be seven years. Each series will consist of 8m bonds with a par value of RUB 1,000 (approx. USD 42.86) each. Proceeds from the issue will be used to optimize the company's financial results, particularly to increase its operating profit, the group's CEO Lev Khasis said in June. He also noted that the money would be allocated to ensure the retail chain's organic growth and would not be spent on acquisition deals.
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