Rus News Journal

Polymetal started with excess

Yesterday Open Society MNPO ' Polymetal ' entering into the Petersburg group of companies IST has placed on the Moscow Interbank Stock Exchange the first 3 - summer bonds in volume of 750 million roubles. As it was found out following the results of the auction, acted as the general agent of loan NOMOS - the bank has strongly underestimated potential of the client. The price of placing of papers has made 106 % from face value, at the preliminary forecast to 108 %. MNPO Polymetal along with machine-building factory Titran (Tikhvin, Leningrad region) and the Baltic factory (St.-Petersburg) is included into a group of companies IST . MNPO is holding from 12 mining companies and research institute in Petersburg. At the moment MNPO develops the Vorontsovsky gold deposit in Sverdlovsk area, silver deposits Dukat and Lunar in the Magadan area. In 2003 Polymetal plans to extract 7,5 tons of gold and 555,8 tons of silver.
the placed release is the first bonded loan Polymetal . Before bonds let out a daughter MNPO - Joint-Stock Company Gold of Northern Ural Mountains which in 2002 has extinguished promissory notes for 150 million roubles, and now is the guarantor on release Polymetal . New bonds have 6 semi-annual coupons with the decreasing rate of profitableness from 19,5 % to 17 % annual, and also the annual offer which is executed simultaneously with repayment 2 - go the coupon on March, 23rd, 2004 at the price of 100 % from face value. Profitableness to the offer will make 13,05 % annual. The prospectus of issue of bonds provides possibility of exhibiting of the second, 2 - summer, offers, but meanwhile its conditions are unknown. Date of repayment of bonds - on March, 21st, 2006. Genagentom a loan acts NOMOS - bank. Anderrajterom and the payment agent - Vneshtorgbank, soanderrajterami - MDM - bank, Ingosstrah - the Union and Hunts - Mansijsky bank.
placing of bonds Polymetal it is possible to consider as successful enough debut: yesterday demand almost in one and a half time has exceeded the offer. The placing price has appeared 106 % from face value that corresponds to profitableness to repayment at level of 16,39 % annual. It has surpassed expectations genagenta. NOMOS - the bank assumed that the price for bonds Polymetal can reach 108 % from face value. Besides, only a small number of emitters not from number blue chips, letting out corporate bonds, can brag of such volume, and already at the first release. To give to the emitter additional publicity, NOMOS - bank, according to its vice-president Andrey Gaeka, soon intend to organise the reference of bonds not only on the Moscow Interbank Stock Exchange and in RTS, but in the off-exchange market.
the involved means Polymetal will direct on realisation of the largest projects. So, 65 million roubles will be spent for modernisation of extracting factory in Buryatiya (Joint-Stock Company Zun - Hada ). The Lion`s share - about 480 million roubles - will go on building end is mountain - an extracting complex on the Hakandzhinsky deposit, and also on acquisition of the equipment for the Ohotsky mountain company from Khabarovsk territory which conducts working out of this deposit. 130 million roubles more is planned to spend for expansion of melting shop of the enterprise Territory Silver in the Magadan area and technics repair on a deposit Lunar. As a result the company can process silver ore not only from this deposit, but also from a deposit Dukat which modernisation will manage in 75 million roubles.
LEONID JAHNIN