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Raiffeisenbank acts as an organizer for debut bond issue by TGK 6 Invest

OOO TGK 6 Invest, a 100% subsidiary of OAO Nizhegorodskaya GenerationCompany, which is part of the TGK 6 group, placed a debut bond issue onRussia’s MICEX on February 27. The first coupon was fixed at 7.4% pa, for annual profitability of 7.6%.

A total of 51 investors applied to participate for an aggregate sum ofRUR6.8bn, with demand exceeding supply by 3.4X. Investors quoted ratesin a range of 7.25%-7.90% pa, and the issue was placed in full.

The issue was organized by NOMOS Bank and Raiffeisenbank, withRaiffeisen serving as an organizer. The co-organizers of the issue wereMorgan Stanley, SOYUZ Bank, Rosselkhozbank and Uralsib; theco-underwriters were IG Kapital, IBRD, RIG Group and Investment TRUSTBank.

The bonds have a face value of RUR2bn, and a maturity period of fiveyears (payment via quarterly coupons). The first coupon was set at 7.4%pa, likewise the second through fourth coupons, with the rates ofsubsequent coupons to be set by the issuer. The issue includes an offerfor early buy-out at 100% of the nominal price.

All payments under the issue are guaranteed by OAO Dzerzhinskaya Powerand Heating Company, with additional guarantees from OAO TGK 6 and OAONizhegorodskaya Generation Company.

Approximately RUR0.8bn of the proceeds from the placement will be usedto refinance the holding company’s credit portfolio, with the rest going to investment projects in 2007.

OAO TGK 6 is a large power sector group with controlling interests inOAO Vladimirskaya Generation Company, OAO Ivanovskaya GenerationCompany, OAO Nizhegorodskaya Generation Company, OAO MordovskayaGeneration Company and OAO Penzenskaya Generation Company. Thesubsidiaries are to be consolidated on a single-share basis in March,with TGK 6 as the unified operator.

Raiffeisenbank is one of theleaders of the Russian corporate bond market. Throughout 2001-2007Raiffeisenbank acted as an arranger of 104 corporate bond issues oftotal nominal value of RUR 317 bln.

Raiffeisenbank is ranked 10thin terms of assets among top Russian banks based on 2006 results (CEAInterfax). At present the Bank disposes of 24 branches in Moscow, 5branches in Saint Petersburg and regional branches in Ekaterinburg,Samara, Novosibirsk, Chelyabinsk, Nizhny Novgorod, Krasnodar,Krasnoyarsk and Perm. Raiffeisenbank is ranked 9th in terms of corporatelending based on 2006 results (CEA Interfax).

ZAO Raiffeisenbank Austria is a subsidiary of Raiffeisen InternationalBank-Holding AG, which operates one of the leading banking networks inCEE, with subsidiary banks and leasing companies in 16 markets. Morethan 11.7 million customers are serviced through over 2775 businessoutlets. In eight markets, the respective network bank is one of thethree largest local banks. Representative offices in Lithuania andMoldavia complement the Group’s presence in the region. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB), which owns 70 percent of the share capital. The remaining 30 percent of the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria, and the central institution of Austria’s Raiffeisen Banking Group, the country’s largest banking group.


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