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Results of the IBEC/IIB Exchange Offer
Moscow, 9 March 2004. The Ministry of Finance of the Russian Federation announced today that 100 per cent of eligible creditors had participated in the Ministry’s offer to exchange Russian Federation Eurobonds due 2006 to 2010 (2010 Bonds) and Russian Federation Eurobonds due 2007 to 2030 (2030 Bonds) for former USSR debt owed by the Bank for Foreign Affairs of the USSR (Vnesheconombank) to the International Bank for Economic Co-operation (IBEC) and the International Investment Bank (IIB), and in the simultaneous offer made by IBEC and IIB to exchange former USSR debt owed by Vnesheconombank to IBEC and IIB for a like principal amount of IBEC and IIB debt held by IBEC and IIB’s foreign creditors. The Vnesheconombank debt received by IBEC and IIB’s foreign creditors pursuant to IBEC and IIB’s exchange offer will be automatically and simultaneously exchanged for 2030 Bonds and 2010 Bonds pursuant to the Russian Federation’s exchange offer. The exchange offers were launched on 25 February 2004 and expired on Friday, March 5, at 5 p.m., London time.
At today’s exchange rates, approximately U.S.$ 210,82 million principal amount of IBEC debt and U.S.$ 235,19 million principal amount of IIB debt was tendered and accepted in IBEC and IIB’s exchange offer. It is anticipated that U.S.$ 54,06 million principal amount of 2010 Bonds and U.S.$ 354,68 million principal amount of 2030 Bonds will be issued in the Ministry’s exchange offer.
It is expected that the exchange offers will close on Tuesday, 16 March 2004.
NOT FOR RELEASE IN THE UNITED STATES. These materials are not an offer for sale of the securities in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended. The Russian Federation does not intend to register the securities in the United States or to conduct a public offering of securities in the United States.
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