Tyumen Oil Company withdraws Eurobonds

Tyumen Oil Company (TNK) is withdrawing its Eurobonds totaling $500m due to a technical mistake in the company's auditing report, which was made by PricewaterhouseCoopers. A new report of TNK International is to be ready in two weeks, the company announced. PricewaterhouseCoopers pointed out that the changes would be of a technical character only, so there are no reasons to suspect any fraud. TNK started the Eurobond issue totaling $500m on May 15, 2002. The maturity date was planned for May 23, 2007. Credit Suisse First Boston and Schroder Salomon Smith Barney are the lead managers for the issue.

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