Russia's RusHydro accepting bids for RUB 20 billion of two bond series

By Toni Weeks

San Luis Obispo, Calif., Feb. 7 - JSC RusHydro plans to issue RUB 20 billion of domestic bonds in two series, according to a company news release.

Sberbank CIB, VTB Capital and Sviaz-Bank are the lead managers for the placement, which will be conducted through open subscription by collecting bids from potential investors for RUB 10 billion of series 07 and RUB 10 billion of series 08 bonds.

Sberbank CIB will accept the bids from 3 a.m. ET on Thursday until 7 a.m. ET on Friday. After the bid book closing, the company will determine the value of issued and placed bonds and the coupon rate. The bonds are expected to trade on the Micex Stock Exchange as of Feb. 14.

The bonds, which each have a par value of RUB 1,000, will be putable in year five.

The company's board of directors approved on Oct. 30 the issuance of up to RUB 40 billion of bonds to finance RusHydro's current investment activities. The company plans to issue four issues of bonds (series 07, 08, 09 and 10), each consisting of RUB 10 billion of bonds.

The Federal Financial Markets Service of Russia registered the bond issues on Dec. 27.

RusHydro is a power generating company based in Moscow.

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