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Incom Lada fails to exercise put option

February 16, 2009 Cbonds
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.
Issue — Incom Lada, 2
  • Status
    redemption default
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    1,400,000,000 RUB
  • М/S&P/F
    — / — / —
Company — Incom Lada
  • Full name
    Incom Lada LLC
  • Registration country
    Russia
  • Industry
    Specialty Retailers