AvtoVAZ BOD Chairman Vladimir Kadannikov takes part in the opening ceremony of Russia-U.S. joint venture GM-AvtoVAZ, set up to make Chevrolet-Niva (upgraded VAZ-2123), Tolyatti, Samara region, Russia, September 23, 2002.
Photo: Vasily Shaposhnikov
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AvtoVAZ Plans to Offer 4 Billion Rubles in Bonds
Russia’s car giant AvtoVAZ is intending to launch third bond issue worth 5 billion rubles. The respective decision was made by the company’s Board of Directors on February 3, AK&M news agency reported.
The bonds will be placed by open subscription for five years.
AvtoVAZ is Russia’s biggest car maker. 714,000 cars were assembled in 2004. From that number, more than 92,000 cars were exported. 2005 draft target sets forth equal output. Lada 110 cars will account for a third of expected production, Lada Samaras will cover another third, Lada 2105/2107s will take around 26 percent. Production of new Lada Kalina model is estimated at around 18,000 cars, while Lada Nivas will cover the remainder.
The company placed its first ruble bonded loan in 2003. Bonds worth 1 billion rubles were redeemed on February 16, 2004. Two days later, on February 18, 2004, AvtoVAZ placed the second bond issue, which size grew to 3 billion rubles. The bonds carry 11.78 percent annual coupon and mature in 4.5 years after the placement. Simultaneously, the company announced it suspends the note program (notes worth 1 billion rubles were outstanding as of February 27, 2004).
Debut CLNs of AvtoVAZ were placed past September at 11.75 percent on year. The size was $150 million.
At close of the third quarter of 2004, Central Moscow Depository had 30.4 percent in AvtoVAZ in nominal holding, Depository and Clearing Company - 12 percent, National Depository Center - 8.9 percent. Central Branch of the Automobile Financial Corporation holds 19.99 percent.
www.kommersant.com
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