Fitch Ratings-London/Moscow-23 December 2009: Fitch Ratings has assigned AK BARS Luxembourg S.A.'s USD280m issue of senior unsecured loan participation notes with coupon of 10.25% due in December 2012, a final 'BB' rating. Since Fitch's 1 Dec 2009 announcement of the expected ratings, the amount of new notes issued for cash was further upsized by USD55m from the previous amount of USD150,859,000 to bring the total new issue size to USD280m.
The notes are to be used solely for financing a loan to Russia's AK BARS Bank (Ak Bars, 'BB'/Stable Outlook). This is the third issue under the USD1.5bn loan participation notes programme. Original details on the structure of the programme are detailed in Fitch’s 8 June 2007 announcement, available on the agency’s website, www.fitchratings.com.
