OREANDA-NEWS. June 28, 2010. Novaya Perevozochnaya Kompaniya has opened an order book on Series 01 bonds.

The issue is guaranteed by Globaltrans Investment PLC. It has a 5-year tenor. It will be placed on July 16, according to a source close to the transaction. The issue amortizes by 5% every quarter starting from the 2nd coupon redemption date. The last installment is 10%.

The issue has a 2.5-year call-option. Yield guidance is set in the range between 9.84 – 10.38% corresponding to coupon guidance of 9.5% - 10% with duration of 2.46 – 2.44 years. The order book was opened on July 23; it closes on July 14, 2010. ZAO VTB Capital is the arranger on the issue, OTP Bank is the co-arranger.

Issuer, issue number: Novaya perevozochnaya kompaniya, 1
Type of bond: Domestic bonds
Redemption type: Amortized
Auction type: book-building
Issue status: expected
Offering: public
Par, currency of issue: RUR, 1000
Amount: 3 000 000 000
Registration date: May 27 2010
State registration number: 4-01-08551-A
Start of placement: Jul 16 2010
Issue price: 100
Coupon: Coupon 1: at auction or before placement; coupons 2-20: according to issue documents
Coupon frequency: 4 time(s) per year
Settlement Date: Jul 16 2010
Maturity date: 2015
Issue Managers: Arranger: VTB Capital, co-arranger: OTP Bank
Trading floor: MICEX

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Novaya perevozochnaya kompaniya is one of TOP-3 railway shipping companies in Russia. Novaya perevozochnaya kompaniya (NPK) is one of the largest Russian rail carriers and member of Eurasian Transport Union. Globaltrans Group controls a 100 per cent stake in Novaya Perevozochnaya Kompaniya. NPK has its own car fleet, locomotives and control center. Company’s stuff numbers 393 employees. At present we carry bulk oil and oil products, metals and minerals, construction materials, wood products, containers and other commodities. The largest industrial concerns commit their cargo to NPK. We have long term contracts with the Russia’s leading oil and metallurgical companies. Among our partners are Rosneft’, Lukoil, THK-BP, Sibneft’, MMK, EurazHolding, Mechel, Uralskaya Stal’, RusAl, Severstal, Poltavskiy GOK, Mikhailovskiy GOK, SUEK, RUSSKIY UGOL’, Yakutugol’.

Fair yield on a RUR3bn bond issue of Novaya Perevozochnaya Kompaniya ranges between 9.0%-9.5%, according to research by VTB Capital. This corresponds to a coupon rate of 8.7%-9.2%. The RUR3bn issue is guaranteed by Globaltrans Investment PLC. VTB Capital is the arranger and OTP Bank is the co-arranger on the issue. It has a 5-year tenor. The issue has a provisional rating B1 assigned by Moody’s Investors Service (stable outlook). The proceeds will be used for refinancing and general corporate purposes.