OREANDA-NEWS. On 21 March 2008 LSR Group one of the leading real estate developers and building materials producers in St Petersburg and the Leningrad region, announced that has fully repaid its first of three bond loans.

The first issue of bonds worth 1 billion roubles was placed in March 2005, managed by FC Uralsib and VTB North-West. The interest rate was originally established at 14% and subsequently dropped to 10% two years later. The yield paid on all of the six coupons of the bonds issued has totaled 302,354,465.98 roubles.

LSR Group also placed a second 2 billion roubles loan in December 2006 with one of the lowest rates for the bond market of Russian construction companies at the time of placement – 10.7%. Currently, LSR Group has paid a total of 213.4 million roubles as the yield on the first two coupons of Series 01 bonds.

In July 2007, LSR Group placed a third bond loan for the amount of 3 billion roubles setting a record-beating low rate for the construction and property development sector (8.35% in roubles), compared to 9% for construction companies. On January 17, 2008 LSR Group paid the yield on the first coupon of Series 02 bonds in the amount of 124.92 million roubles.

Both above-mentioned loans have been placed by OOO LSR-Invest, a 100% subsidiary of LSR Group founded specifically to raise funds for LSR Group companies.