TNK board approves prospectus for second bond issue

Nov 08, 1999 01:00 AM

Tyumenneft (TNK) announced that the company's board had approved the prospectus for a second issue of corporate bonds.
The issue will be worth 2.5 billion rubles and will consist of bonds issued at a face value of 1,000 rubles each. The press service did not offer any information on the issue's coupon or maturation date.
TNK managers said that the early redemption option would make the bonds more attractive to investors. The company is using its oil exports as collateral for the securities.
The managers further stated that they had decided to issue a second set of corporate bonds because domestic and foreign buyers had displayed such strong interest in the first issue.
TNK's first issue of corporate bonds, also worth 2.5 billion rubles, was sold in two tranches earlier this year. Investors paid an average 912 ruble for each of these bonds, which were issued with a face value of 1,000 rubles.

Source: NewsBase
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