Ukrtelecom Intending To Place L Series Bonds For UAH 250 Million Before January 14, 2012

Ukrtelecom, Ukraine’s largest telecommunication company, intends to place L Series bonds for UAH 250 million before January 14, 2012.

Ukrainian News learned this from the offering circular of the said bonds.

According to it, the securities will be placed from February 15 through January 13, 2012.

Ukrtelecom has plans to issue 250,000 bonds of L Series with the face value of UAH 1,000 each.

The yield of the bonds is 16.5%. No buy-back offer is envisaged.

The period for redemption of the bonds will be from February 14, 2012, through February 17, 2012.

The telecommunication company intends to use the funding to provide exploitation and enhance effectiveness of the existing telecommunication network, to construct a new infrastructure (including for the mobile communications of 3G standard).

Also, the funds will be used to develop perspective services, including the broadband Internet access.

The Troika Dialogue Ukraine Company is the underwriter of the issue.

As Ukrainian News earlier reported, Ukrtelecom in December 2010 finalized the placement of J Series bonds for UAH 125 million.

The telecommunication company finished 2009 with a loss of UAH 456.4 million, having booted net revenues by 3.39% or UAH 225.202 million over 2008, to UAH 6,870.931 million.

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