11 Jun 2008 14:58
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
| 11 June 2008 | PRESS RELEASE | St. Petersburg |
Board of LSR Group Approves Transaction to Raise Funds
On 10 June 2008, the Board of Directors of OJSC LSR Group approved a transaction aimed at raising funds by means of entering into a loan agreement between OJSC LSR Group and LSR Finance Limited, an issuer company established for the sole purpose of raising funds for LSR Group through issuing and placing Eurobonds in international capital markets. A number of subsidiaries of LSR Group are to act as guarantors of the transaction.
NOTES TO EDITORS:
OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction - from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs over 15,000 people.
In 2005 and 2006, the revenues of LSR Group (according to IFRS statements) were $ 463 million and $ 777 million respectively. In 2007, the revenues amounted to $ 1,403 million.
In November 2007, OJSC LSR Group implemented an IPO, and now its GDRs are listed on the London Stock Exchange, and the shares - on MICEX and RTS.
LSR Group has a B1 rating, outlook - stable assigned by Moody's Investors Service (assigned in July 2007 and confirmed on 30 May 2008), and a B+ rating, outlook - stable assigned by Fitch Ratings (assigned on May 30 2008).
In 2007, LSR Group was bestowed a National Award in the field of business as 'The Company of the Year' in the 'Construction' category.
For more details please contact:
Press Service, LSR Group
Tel.: +7(812) 314-1044
press@lsrgroup.ru
www.lsrgroup.ru
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NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
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