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CORPORATE NEWS

JP Morgan sets second loan to Vodohosp. Výstavba

Vodohospodárska Výstavba, a state-run water dam construction company located in Bratislava, is introducing a 10-year Eurobond issue worth $200 million (6 billion Sk), officials from JP Morgan, the bond's principal issuer, announced.

The bond's annual yield is set at 1.15 percent above the yield of 10-year US government bonds, which is currently 6.5 percent. The issue, which matures on December 19, 2006, will be traded on the Luxembourg Stock Exchange and is fully backed by the Slovak government.

The bond carries a Standard & Poor's rating of BBB-, equal to the rating of long-term Slovak government loan liabilities. Capital raised from the bond issue will go to completing construction of the hydroelectric power plant at Gabčíkovo and to construct new dams along the Váh River near the north Slovak city of Žilina. The issue is the second tranche of a loan totalling $500 million (15 billion Sk) agreed upon by officials at JP Morgan and Vodohospodárska Výstavba.

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