Source Pravda.Ru

Vneshekonombank pays off AvtoVAZ's promissory notes

Vneshekonombank paid off AvtoVAZ's promissory notes (series AB) for the amount of 100m rubles (about $3.2m) with a date of repayment July 22, 2002. This was done at the request of the car manufacturer, the bank's press service reported in an interview with RosBusinessConsulting.

Vneshekonombank's depositary is in charge of repaying the securities. They were issued in six 200m-ruble (about $6.3m) tranches for the total amount of 1.2bn rubles (about $38.1m). A part of them worth 500m rubles (about $15.9m) has already been repaid and another part is still in circulation.

AvtoVAZ floated the promissory notes as a part of a financing program.

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&to=http://www.veb.ru/main_eng.html' target=_blank>VNESHEKONOMBANK

&to=http://www.autovaz.tlt.ru/english/' target=_blank>AvtoVAZ

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