Bank Electronika Underwrites Element Leasing Obligations

Bank Electronika has become co-underwriter for Element Leasing’s 600-million-ruble corporate issue placed on March 28, 2007. The interest-bearing, non-convertible, documentary bearer bonds with mandatory centralized deposit – Element Leasing government registration number 4-01-36193-R – were placed on the MICEX on March 28 2007. The obligations were offered to the public at 100% of nominal value. The term of the bonds is three years with provisions for an offering one year after placement. Total amount of the issue was 600 million rubles.

During the auction, the interest rate on the first coupon was established at 12.5% annually. Interest rates on the second through fourth coupons will equal that of the first. The effective yield on the obligations to the offering date at conclusion of the placement was 13.1% annually. Coupon interest on the Element Leasing obligations will be paid once per quarter.

Bank Soyus was organizer of the bonded debt issue for Element Leasing. Several banks participated in the syndicate for placement of the bonds. In addition to Bank Electronika, they were MDM-Bank, Bank Razvitie-Stolitsa, investment-finance group RFTS, EUROFINANSY Investment Banking, ROSBANK, METKOMBANK and SVYAZ-BANK.

Bank Electronika placed 30 million rubles of the corporate debt.

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