Globaltrans subsidiary may sell up to RUB 6 billion of five-year bonds

By Susanna Moon

Chicago, April 12 - Globaltrans Investment plc said the board of directors of its Russian subsidiary New Forwarding Co. OAO approved issuing up to RUB 6 billion of five-year bonds.

The bonds would be issued in two tranches of RUB 3 billion each. The company is expected to be the guarantor for the issue.

New Forwarding intends to apply to the Federal Financial Markets Service for the approval of the prospectus of the bonds.

Proceeds will be used to refinance the group's debt and for general corporate purposes.

Globaltrans is a Limassol, Cyprus-based freight rail company with operations in Russia, the Commonwealth of Independent States countries and the Baltics.

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