The Board of Directors of Ust-Luga OJSC decided to place first bonded loan for 600 million rubles
The Board of Directors of Ust-Luga OJSC (Kingisepp, Leningrad Region) decided to place first bonded loan for 600 million rubles. This information has been provided by RBC. The Company will place by public subscription 600 thou inconvertible interest-bearing documentary pay-to-bearer bonds of 01 series. Nominal value of one bond is - 1 thou rubles. Coupon period is the 91st day. Maturity date is the 1092nd day from placement beginning.
Ust-Luga Company was founded in 1992. It is the customer-developer of the sea trade port of Ust-Luga. Under contract with the RF Ministry of Transport the Company is entitled to take independent decisions as regards financing, designing, construction and maintenance of the sea trade port of Ust-Luga with attraction of state and private investments. Planned investments of 2006 into the sea trade port of Ust-Luga shall amount to over 8 billion rubles. Construction of the sea trade port of Ust-Luga is carried out within the framework of federal special-purpose program for Modernization of Russia’s Transport System at the basis of state-and-private partnership. It should be finalized in 2007. Total value of the project is $2 billion. The project implies construction of a multifunctional transshipment complex equipped with specialized technological facilities with total annual cargo turnover of 35 million tons. Ust-Luga port is to become the only Russia’s port at the Baltic Sea able to accept dry cargo carriers with a deadweight up to 75 thou tons and to handle liquid cargo carriers with a deadweight up to 120 thou tons. It is also planned to build refineries and treatment plants at the pre-port industrial area.