Russia's RusHydro selects lead managers for RUB 15 billion bond sale

By Susanna Moon

Chicago, April 15 - JSC RusHydro said it will place two series of bonds on April 25 with OJSC Gazprombank, CJSC Raiffeisen Bank and CJSC VTB Capital as the lead managers.

As reported on April 11, RusHydro plans to issue RUB 15 billion of 10-year bonds in two series.

A subscription period for the bonds will end on April 21. Underwriter Gazprombank will collect bids from investors at a fixed price and coupon rate for the first coupon period.

The company is soliciting bids for up to RUB 10 billion of each series. Of the RUB 15 billion total, RUB 10 billion will be allotted to one series and RUB 5 billion to the other.

The bonds will be putable in year five.

Proceeds will be used to finance the company's investments and to partially refinance JSC Management Co. HydroOGK's bonds due June 2011.

RusHydro is a power generating company based in Moscow.

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