OAO PAVA settled a put option on series 02 bonds on May 6, according to the issuer’s announcement. The issuer bought back 293,618 bonds worth RUR 293.618m which makes 29.36% of the overall issue amount. The issue amounting to RUR1bn and due in 5 years was placed in 2006.
The next put option on the issue is scheduled for August 4, 2009. The coupon rate has been increased to 19% from 12.5%.