TransContainer sets rates of third, fourth bond coupons at 16.5%

Railroad   freight   operator TransContainer  has  set the rates of coupons three and four of a first-

series bond  issue  for  3 billion rubles at 16.5% annually, the company said in a statement according to Interfax.

The company placed the bonds on March 4, 2008. The first coupon was set at 9.5% and the second coupon was equal to the first.

It  was  reported  earlier  that  the bond issue carries a one-year offer.

The  TransContainer  board  of directors on Thursday decided to buy back up  to 3 million bonds as part of the offer, which is to take place on March  13. A TransContainer spokesman said the company is prepared to meet its commitments on the issue.

TransContainer  placed  the  debut  bond  issue  on the MICEX Stock Exchange  on  March 4, 2008. VTB Bank (RTS: VTBR), TransCreditBank (TCB) (RTS: TCBN) and Gazprombank arranged the issue.

The five-year bonds have ten semiannual coupons.

TransContainer, which began operating in July 2006, operates 44,600 heavy goods containers and 23,000 container wagons.

Russian  Railways (RZD) (RTS: RZHD) owns 85% of TransContainer, the European  Bank for Reconstruction and Development (EBRD) owns 9.25%, the investment  funds  Moore Capital Management LLC and GLG Emerging Markets Fund own 2.5% each, and Troika Dialog Investments Limited owns 0.75%.

Source: Portnews