MICEX upgrades Acron’s second-issue bonds from B to A list.
Chairman of Acron’s Board of Directors Alexander Popov comments: “When the securities’ time on the temporary quotation list expired we decided to obtain a higher listing. The promotion of Acron’s bonds to the A1 list demonstrates the high level of the Group’s corporate governance and information transparency. Acron’s credit standing and public debt quality is supported by credit ratings assigned by Fitch Ratings and Moody's Investors Service.”
Background: Acron’s second-issue bonds were placed at MICEX on September 24, 2009. The bonds, with total par value of RUB 3.5 billion, have a four-year maturity and pay interest semi-annually at the rate of 14.05% for coupons 1-4; the rates for subsequent coupons will be fixed by the issuer. The issuer envisaged a two-year put-option for holders at the par value.