Kazakhstan Development Bank to issue eurobonds

03.10.03 00:00
/Interfax-Kazakhstan, October 3, 03/ - AES Ust-Kamenogorskaya TEC (East-Kazakhstan region owner - American energy company AES) plans ti issue domestic bonds for a total of $4m. Sergei Tazin, director general of Altai-Power daughter of AES reported at press-conference that Ust-Kamenogorskaya TEC plans to issue domestic bond to complete construction of ash-disposal dump. Besides, it plans to modernize sewage plants for boilers. KASE has already issued preliminary admission of Ust-Kamenogorskaya TEC into listing A. We will wait now official admission, reported Mr. Tazin. Circulation term for new bonds is 3 years at 9% coupon rate. It is expected that bonds will be in demand among accumulative pension funds. The press-release also stated that installation of ash-disposal dump to be finished in 2004. Total cost of construction is KZT1,023m. In 2003 investments in Ust-Kamenogorskaya TEC will total KZT385.5m (net of VAT) including capital construction 306m, equipment purchase - 30.3m, reconstruction - 49.2m. Net income of Ust-Kamenogorskaya TEC in 2002 was KZT176.593m. Ust-Kamenogorskaya TEC is the largest EPS in East Kazakhstan with capacity of 1354 megawatt (including electricity capacity - 241.5 megawatt and heat - 959.1 G-calories/h). It was sold to AES in 1997 among the other power companies in East Kazakhstan. There are 9 boilers and 8 turbo units with capacity ranging from 4 to 100Mwt. AES owns also Sogrinskaya TEC and has in 20-year concession two hydroelectric power stations (HPS): Ust-Kamenogorskaya and Shulbinksaya. Since 1996 AES has owned Ekibastuz HPS-1 (AES Ekibastuz) at Pavlodar region (North of Kazakhstan). Besides, another AES company in Kazakhstan - AES Irtish Power and Light manages heating system in Ust-Kamenogorsk (miniciapl center of East Kazakhstan region). In 1999 another AES daughter AES Silk Road has taken under management two power companies: East Kazakhstan and Semipalatinsk companies. The major customers of Ust-Kamenogorsk TEC are East Kazakhstan power company, Ulbinskii metal plant (major owner is Kazatomprom -90% of shares), OJSC Kazzink. [2003-10-03]