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Home » News » Kazanorgsintez raises funds for developing production
28.06.2005

Kazanorgsintez raises funds for developing production

JSC Kazanorgsintez can turn to be the first Russian petrochemical company to issue eurobonds in order to raise funds in the international capital markets. These funds are needed to finance the large-scale program of company’s development. The meeting approved the corresponding deal, allowing issuing securities worth up to USD 200 mln. For issuing, a special company, Luxembourg-based Kazanorgsintez S.A., was established by the Bank of New York. The main debt of Kazanorgsintez must not exceed USD 200 mln and its pay-off period – up to 5 years. The annual payments are not to surpass 10% including commission awards and other expenses. The Bank of New York is the trustee and the main payment agent within the scope of the deal. The Bank of New York Europe Ltd. will be the Luxembourg Stock Exchange listing agent. The bonds are to be issued this autumn.

Also, the Kazanorgsintez shareholders approved two more large-scale fund-raising transactions: 1) a credit of USD 194 mln will be provided by the Sberbank for the reconstruction of HDPE and ethylene facilities and the construction of bisphenole-A and polycarbonate plants; 2) the deal with Telecom-Management Ltd., a 100% affiliate of JSC TAIF, a mandatory condition for the realization of the agreement with Sberbank.

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