October 14 2003, 08:23 Interfax-Ukraine

Sea forwarding company Brooklyn-Kiev to issue a UAH10 mln value of bonds

The company Brooklyn-Kiev Ltd is planning to issue three-year bonds for the total nominal value 10 million hryvnias (5.33 hryvnias = $1) and with 11.5 percent yearly profitability rate. The aim of the issue is to attract funds for purchase of equipment and construction of grain elevator and shipping complex on the territory of Odessa Trading Seaport.

According to the issue prospectus, the registered, interest bearing bonds will be issued in two series: series "A", worth 2.5 million hryvnias, and series "B" for 7.5 million hryvnias. Starting from November 15 the bonds of both series with 1,000-hryvnia face value will be distributed via the First Stock Trading System and Ukrainian Interbank Currency Exchange. The underwriter for the issue is commercial bank VABank (Kiev).

There is a possibility of prior redemption of bonds of the series "B" in three stages: on May 16 and November 25, 2005 and May 25, 2006.

Brooklyn-Kiev and company Ukrelevatorprom have constructed in Odessa Trading Seaport a new grain elevator this year for 72,000 tonnes of one-time storage (12 silos for 6,000 tonnes each) and a deep-water berth, able to admit Panamax-type vessels with over 55,000 tonnes of displacement. Brooklyn-Kiev has been planning to increase the capacity of the newly-built elevator up to 120,000 tonnes and to install a vessel-loading machine with 120-tonne hourly capacity on the berth, to feed the grain from the elevator onto vessels.

The company Brooklyn-Kiev has been working in Odessa port since 1994. Its activities include processing and forwarding of sea cargos. Last year it processed 2.18 million tonnes of loads, including 800,000 tonnes of grain.

The company has 500 employees.