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Investors Redeem Bonds Of IMEX GROUP Company Ahead-Of-Schedule

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  • Investors Redeem Bonds Of IMEX GROUP Company Ahead-Of-Schedule

    INVESTORS REDEEM BONDS OF IMEX GROUP COMPANY AHEAD-OF-SCHEDULE

    ArmInfo
    2009-10-19 18:03:00

    ArmInfo. The ahead-of-schedule redemption of IMEX GROUP corporate
    bonds worth 890.5 mln AMD, which makes up almost 90% of the total
    volume of issue, has recently taken place. Assistant to IMEX GROUP
    President David Babayan told ArmInfo correspondent that the buy-back
    of IMEX GROUP bonds a year after their placement was envisaged the
    issue prospectus of these bonds. The big volume of applications
    for ahead-of-schedule redemption is apparently conditioned by the
    maintenance of devaluation expectations of the bond holders. Babayan
    added that the redemption of the big volume of bonds had no impact
    on the stable development of the company.

    According to NASDAQ OMX Armenia, after ahead-of-schedule redemption of
    the lion's share of the company's corporate bonds, the volume still in
    circulation (109.5 mln AMD) was insufficient for their circulation at
    Bbond. In this connection, the circulation of IMEX GROUP as Bbond was
    suspended. Afterwards, the company's bonds were qualified as eligible
    for circulation as Cbond in the free market.

    According to the requirements of NASDAQ OMX Armenia listing, the
    volume of bonds is to be no less than 250 mln AMD for being listed at
    Bbond. Otherwise, the bonds are only eligible for circulation at the
    free trading floor as Cbond. IMEX GROUP reports that the nominal value
    of the bonds, placed Oct 13 2008, is 10,000 AMD per bond, the total
    amount - 1mln AMD (100,000 bonds), the circulation period - 24 months,
    the yield - 11.5%. The coupon payments are made on a quarterly basis.

    The next payment is scheduled for Jan 13 2010. The repayment deadline
    is Oct 13 2010. The under-writer and market-maker of the bonds is
    Ameriabank.

    NASDAQ OMX Armenia reports that the total amount of transactions
    carried out with IMEX GROUP's bonds from Oct 27 2008 till Oct 16 2009
    is 1.6 bln AMD. 129 transactions were carried out during the period.

    The average yield was 11,7687%.

    IMEX GROUP is one of the biggest importers of construction materials,
    heating systems and domestic appliances in Armenia. The company owns
    30 Ideal, Ceramica, Thermotech shops in Yerevan, Gyumri, Vanadzor,
    Artashat and other cities of Armenia.
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