Russian Sea fulfilling conditions of its bonded debt offer

On 23 June ZAO Russian Sea (closed JSC), a member of the same called group of companies, fulfilled conditions of its bonded debt offer. More specifically, a debut bonded debt of RUB2 billion for the period of 5 years was placed at MICEX stock exchange (Moscow Interbank Currency Exchange) on 21 June 2007, the rate per bond for the first year was 9.5%. The rate per bond set for the next year has been set at 12.7%.

The stock put up for sale amounted to 727,257 bonds. ZAO Russian Sea bought out the volume offered by investors, and within the same day all the bonds were sold again without discount. VTB Bank acted as the agent for the offer.

Dmitry Denezhkin, CEO of OAO Russian Sea Group of Companies (plc), says that during the period from the first bond issue the company has been rigorously fulfilling its commitments on bond rates payment. The successful offer in an extremely difficult period for bond debts in RUB is indicative of the fact that investors appreciated the current financial condition of Russian Sea Group of Companies and its business prospects.

The group's plans for the year 2009 also include IPO which is supposed to build up more resources for its further development.

Company info

The Russian Sea Group was established in 1997. At present the Group comprises ZAO Russian Sea Company, ZAO Russian Fish Company (the distributor of frozen and chilled seafood), OOO Russian Sea - Dostavka (Delivery) (shipping company), OOO Russian Sea - Kaliningrad (production plant), OOO Managing Company "Russian Sea" (established in October 2006, consolidates a number of functional areas, such as funds, staff, legal issues and so on, in all companies of the Group), OOO Russian Sea - Aquaculture and OOO Trout Farm "Segozerskoe".

In 2006 the Group's turnover amounted to 350 million USD and its earnings before interest, depreciation and amortization (EBITDA) totaled 29 million USD. In the year 2007 the Group's turnover and EBITDA were forecasted to grow to 600-620 million USD and 60 million USD correspondingly.

Contact details:

10 Aviamotornaya str., bld. 2, 111024 Moscow, Russia; tel.: +7 (495) 6489050, fax: +7 (495) 6489051, e-mail: rs@russiansea.ru, http://www.russiansea.ru/