OREANDA-NEWS. April 30, 2010. The Boards of Directors of IES-Holding's generating companies (OJSC TGC-5, OJSC TGC-6, OJSC TGC-9 and OJSC VoTGC) decided to issue bonds for the overall amount of RUB27 billion. These funds will be allocated to financing of the Holding's investment plan.

These Series 1 documentary inconvertible bearer bonds subject to obligatory centralized storage will be distributed by public offering on MICEX in 1H 2010. The par value of each security is RUB1000, the maximum circulation period is 7 years, and the coupon period is 6 months. According to the decisions of the Board of Directors, TGC-5 and TGC-6 will issue 5 million bonds each, while TGC-9 and VoTGC will issue 7 and 10 million bonds, respectively.

"We have taken a decision to issue bonds, as we think the current market conditions favourable enough. The circulation period of these securities is more suitable for the investment plan cycle, than other available options of debt financing", points out Aleksey Zakrevsky, Vice President for Financial Control of CJSC IES.

Development of generating facilities is one of IES's priorities. To be a Russian leader of power and heat production and ensure high competitive ability of its plants in the power and capacity market, the company intends to construct new power units and upgrade the existing plants using advanced energy-efficient technologies and equipment. The Holding's investment plan provides for commissioning of about 3,000MW of power generating facilities by 2015. In 2010, the company plans to allocate up to RUB24 billion for these purposes.