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LUAZ To Draw EUR 35 mln Loan, Issue CLNs For USD 100 mln

LUAZ To Draw EUR 35 mln Loan, Issue CLNs For USD 100 mln

8 November 2008

The Lutsk Automobile Factory (LUAZ) announced plans yesterday to draw an 8-year syndicated loan for EUR 35 mln on top of a EUR 40 mln loan the company received earlier for the German export company Hermes to increase production. In addition the company plans draw USD 100 mln abroad by issuing Credit Linked Notes (CLN). The Vice President of the Bohdan Corporation, of which LUAZ is a part, said that the company’s aggressive financing plans were in line with its plans to eventually hold an IPO. These attracted funds coupled with the USD 168 mln LUAZ recently attracted through the increase of its charter fund will be used for the development of its bus production facilities in Lutsk and Nizhny Novgorod (Russia) and car assembly plant in Cherkasy.  

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