Alrosa Finance S.A to issue Eurobonds n 2004

Alrosa Finance S.A., which is 100 percent subsidiary of ALROSA, Russia's largest diamond producer, is planning to issue Eurobonds totaling up to $800m in 2004, the company reported in the documents submitted to the Federal Securities Commission. A corresponding decision was made at a meeting of the Board of Directors of ALROSA on May 6, 2004.

Eurobonds will be issued within the framework of refinancing the present ALROSA's debt. JP Morgan and ING Bank N.V. (London) will be the lead managers of the issue. ALROSA, which is the underwriter of the issue, takes over a range of liabilities, connected with the organization of the issue and placing Eurobonds. The company issued Eurobonds totaling $500m for the first time in 2003 with the maturity in 2008.

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