XXI Century Places USD 175 mln Eurobond Issue

Ukrainian real estate developer XXI Century Investments (XXIC LN) has placed its debut USD 175 mln Eurobond issue, with a 10 percent coupon paid semi-annually. According to a company press release, the Eurobond placement will finance the development and construction of the company’s existing project portfolio, acquisition of property in Kyiv and other major Ukrainian cities, and restructuring of its existing debt. The issue will be listed on the Luxembourg Stock Exchange. XXI Century announced its 2006 financials: sales of USD 12.6 mln (+278% yoy), EBITDA of USD 160.1 mln (+20%), net income of USD 197.4 mln (+92%) and shareholder equity (NAV) of USD 519.7 mln (+120%).