KuAz

completed

Kuibyshevazot Joint Stock Company (or the company), is the leading producer of caprolactam in Russia and the CIS (caprolactum is the raw material for producing polyamide resins, synthetic fibers and engineering plastics used in textiles, automotive, and many other downstream industries). In addition to caprolactam, the company also produces ammonia, nitrogenous fertilizers and industrial gases. The company is currently executing an investment program aimed at refurbishing, upgrading and expanding its production facilities; the investment to date has been mainly financed by the company’s own resources, a domestic corporate bond issue and a local Russian bank. Kuibyshevazot has a strong credit history and in September 2004 it was given an A+ national scale credit rating by the AK&M-RASO Rating Consortium. IFC has been requested to provide a corporate loan to Kuibyshevazot to help refinance the bond and fund the company’s ongoing capital expenditure program.