Russian aircraft producer to issue Eurobonds

The corporation IRKUT is planning to issue Eurobonds at the beginning of 2004, Sergey Tsivilyov, the company's Vice President, declared at a news conference today. At present the tender on selecting a bank that is to be the agent of the issue is being accomplished. The results of the tender will be announced at the end of May. The issue is likely to be carried out in London. The planned amount of Eurobonds is from $50m to $100m.

Tsivilyov also said that the current capitalization of the company was about $220m, however the company's authorities believed that it was underestimated. It should be two or three times higher, he added.

IRKUT's net income calculated in accordance with the Russian accounting standards was 344m rubles ($11.1m) in 2002. Sales proceeds were 17.629bn rubles ($568.7m). IRKUT produces Sukhoi fighters and civil aircraft.

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