Incom Lada didn’t manage to exercise a put option on the 2nd bond issue on Friday. The issuer failed to make a coupon payment totalling RUR43.624m as well. According to FC Uralsib, the agent on the put option, almost 100% of the issue worth RUR1.4bn was submitted for buyback. FC Uralsib sent a query to president of IncomiAuto Dmitry Kozlovsky but received no reply.
I December last year the company failed to pay bondholders the 6th coupon totalling RUR54,84m on the 3rd bond issue.
The 2nd bond issue worth RUR1.4bn was placed in February 2006. Coupon 1-4 paid 11.75%, coupons 5-8 paid 12% and coupons 9-12 pay 12.5%. the issue was arranged by FC Uralsib.