LenSpetsSMU decreases its indebtedness by 13.7 million dollars

21.05.2010

On 17th May 2010 CJSC SSMO LenSpetsSMU transferred a lease payment under the financial leaseback contract for its AURA project for the amount of $5.6 mn in full and on time. The total debt under the contract to the Bank Saint Petersburg decreased to $20.9 mn.

On 20th May 2010 CJSC SSMO LenSpetsSMU fulfilled its redemption obligation for the 5th installment (16,67 % of the nominal) and payment of CLN interests in full and on time. At the time of writing, 5/6 of the issue, which is still in circulation, has been paid off.

CJSC SSMO LenSpetsSMU decided not to exercise its right for early prepayment of notes (call option) on 20th May 2010.

The total debt of the company as of 20.05.2010 stands at $153.9 mn, with a net debt of $138.1 mn.

Information about the current debt situation for LenSpetsSMU is available on the company’s financial site.

CONTACT DETAILS:

Natalia Menzel, Head of Public Relations

tel. (812) 348-21-25, e-mail: menzel_n@lenspecsmu.ru

Viktor Vasenev, Deputy CFO

tel. (812) 348-09-95, e-mail: vasenev_v@lenspecsmu.ru