Russia's MegaFon to delay $375 million eurobond sale until early 2005

By Paul A. Harris

St. Louis, Nov. 11 - OAO MegaFon, Russia's third-largest mobile telephone company, has pushed back the launch of its $375 million eurobond offering until early 2005, according a market source, who added that timing will depend upon market conditions.

Previously the company had planned to launch the offering during the fourth quarter of 2004, according to the source.

Citigroup and ING have the bookrunning mandate for the Regulation S offering.

Fitch Ratings has assigned its BB- senior unsecured foreign currency rating to the company.

Proceeds will be used to fund investments.

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