OREANDA-NEWS. June 10, 2011. Sviaz-Bank acting as managing underwriter completed the allotment of Series04 and 05 bonds issued by Akron OJSC to raise a total of 7.5 billion rubles. The offering was allotted on the floor of the MICEX Stock Exchange, reported the press-centre of Sviaz-Bank.      

The book building process for Series 04 and 05 was completed at 17:00 hours on May 27, 2011. The total demand for Series 04 and 05 bonds from bidders during the book building process was around 14 billion rubles.

Akron OJSC fixed interest payable on the first coupon at 7.95% per annum, the lower boundary of the price range, on May 30, 2011.

Considering the market behavior, offering price, bond coupon interest rate, and existing demand, Akron OJSC agreed to accept 23 out of 29 bids made by investors.

Akron OJSC will use the revenue from the sale of bond to refinance its loans and finance its working capital.

Managing underwriter of the bond issue: Sviaz-Bank

Offering co-managing underwriters: GLOBEXBANK CJSC, AB ROSSIYA OJSC, and Region Brokerage Company LLC

Offering underwriter: Russian Agricultural Bank OJSC