Site news 31.03.2008
31 March 2008, Rybinsk. In the period of March 21, 2008 to March 25, 2008 NPO Saturn fulfilled its obligations to bondholders of the 1st and 2nd issue of bonds, including as follows:
21.03.2008 – payment of the 3rd warrant to issue of Saturn02 to the amount of 92 240 000 rub.
24.03.2008 – payment of the 6th warrant to issue of Saturn01 to the amount of 78 960 000 rub.
24.03.2008 – repayment of Saturn01 funded loan to the amount of 1,5 bln. rub.
25.03.2008 – irrevocable offer to issue of Saturn02 concerning retirement of bonds to the amount of 1 404 088 pcs, nominal value of 1 000 rub.
NPO Saturn is trying to obtain leading positions in all significant gas-turbine engine market segments, i.e. military and civil aviation, gas-pumping and power-generating units for power supply and gas transportation, marine engines for the Navy. The company is involved in successful research and development activity dedicated to creation of the 117С engine for the Su-35 fighter-bomber; the demonstrator of the 5th generation engine for the advanced combat aircraft, which for many years shall become the basis of the front-line aviation of the Russian Air Force; the AL-55I engine, which thanks to its unique characteristics superior to the existing counterparts, was selected by the Indian Air Force for their trainer aircraft, and the Burlak engine intended for re-engining of the IL-76 aircraft and its modifications. NPO Saturn takes part in an unprecedented for Russia international program of creating a new SaM146 engine developed on a parity basis with Snecma (France) to power the Russian SSJ regional jet. Last year NPO Saturn fulfilled its obligations concerning the first full-scale serial supply of the 36МТ engine for UAV, which initiated supplies of missiles with the Russian engines; official tests of the first Russian marine gas-turbine engine were performed. Within the scope of strategic partnership with Gazprom, the interdepartmental tests of the new gas-pumping units prototypes have been completed; new agreements for production and delivery of the GTD-110MW high-power gas-turbine engines for upgrading of the Russian energy system to the RAO EES Rossii program have been signed. The growth rate of the company’s upgrading, purchasing of new equipment, and development of information technologies remain the main trend of NPO Saturn technological development.
NPO Saturn implemented the funded loan as a financial tool for attraction of the monetary resources three times. The resources attracted by placing funded loans were directed to development of production, replenishment of operating assets, refunding of short-term obligations.
The first issue of bonds for 1,5 bln. rubles, concerning which NPO Saturn fulfilled its obligations, was placed on March 24, 2005. The bonds in quantity of 1,5 mln. pcs with nominal value of 1 000 rubles were placed by public subscription at the Moscow Interbank Currency Exchange (MICEX) at the nominal value. The period of the securities circulation comprised three years. The first bi-annual warrant was defined in a competition in the course of placement and amounted to 11,5% per annum. The second warrant was equal to the first one, the 3rd and the 4th warrants amounted to 9% per annum, the 5th warrant amounted to 8,9% per annum, the 6th warrant – to 10,5% per annum. The loan was initiated by Vneshtorgbank and the Bank of Moscow.
Currently, NPO Saturn bonds of the 2nd and the 3rd issues are circulating to the amount of 2 bln. rubles and 3,5 bln. rubles, accordingly.
The 2nd issue covering 2 million of bonds with the nominal value of 1 000 rubles was placed within the MICEX trading system on September 21, 2006. The bonds were placed by public subscription. The period of the securities circulation is five years. The warrant rate is as follows: the 1st – 3rd warrants – 9,25% per annum, the 4th and the 5th warrants – 12,5% per annum, the 6th – 10th warrants – will be determined by the issuer. The payment interval of warrants 1-3 is twice a year. The next offer to the 2nd loan will be in a year's time.
The 3rd issue of bonds placed on June 8, 2007 includes 3,5 mln of bonds with the nominal value of 1 000 rubles. The period of the securities circulation is 7 years. The next offer to the third loan will be in December 2008.
According to Leonid Mozheiko, NPO Saturn Director, Economics and Finance, “The corporate bonds market is a developing segment of the Russian financial market. For the time being this market segment is still characterized by a short circulation period of debt securities as a means of the credit risk reduction. The current market situation can be described as an unstable one, with a tendency to defaults and calamities. In spite of the current adverse conditions, the corporate bonds market as a whole is an efficient means of the resources attraction to the acceptable price”.
NPO Saturn is a leading engine-building company specialized in development, manufacture and after-sales service of gas-turbine engines for military and civil aviation, Navy ships, power-generating and gas-pumping units.
NPO Saturn press office:
Tel.: (495)787-14-63, E-mail: email@example.com