December 04, 2006 |
|NITOL Group LLC is planning to direct funds from the placement of RUB 2.2bn bonds to develop new for Russia polycrystalline silicon production and to buy out its first bond loan, the company says.|
NITOL Group is planning to launch the said production in the IV Q 2008.
NITOL expects to take up to 5% of the world market of polycrystalline silicon within next 3.5 years. The main direction will be production of polycrystal for solar power engineering.
The company will direct some RUB 1.2 bn raised from the placement of its second bond issue scheduled for December 19, 2006, to the development of its new production, according to the company's press service.
The second series bonds mature in 3 years. The coupon rate will be fixed for the whole maturity period and will be set during the placement auction on the MICEX SE. Before the placement the issuer is planning to make a public offer for early buy-out of the bonds in a year at 99% of par value. The effective yield to offer is forecast at 10.54%-11.07%.
NITOL Group is a Russian chemical holding. It presently realizes its investment program in two directions: the modernization of its existing production and the organization of new production.
The company's main production asset is Usoliekhimprom LLC (Irkutsk Region).
Company: NITOL Group
|Full company name||NITOL Group LLC|
|Country of risk||Russia|
|Country of registration||Russia|
|Industry||Chemical and petrochemical industry|