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Sovco Capital gives results of tender for $40 million SovCom notes
By Wendy Van Sickle
Columbus, Ohio, April 16 – Sovco Capital Partners BV announced the results of its cash tender offer for up to $40 million of SovCom Capital DAC’s $300 million 7¾% perpetual callable loan participation notes (ISIN: XS2113968148) and $300 million 8% LPNs due 2030 (ISIN: XS2010043656), according to a notice.
By the expiration of the offer on April 15, tenders had been received for $14.57 million of the 7¾% notes, of which $3.27 million were accepted.
Tenders had been received for $13.5 million of the 8% notes, of which $13.05 million were accepted, according to a filing with the London Stock Exchange.
The 7¾% LPNs will be purchased for $799.50 per $1,000 principal amount.
The 8% LPNs will be purchased for $855 per $1,000 LPN.
Holders will also receive accrued interest.
Settlement is slated for April 20.
The tender offer began on April 7.
Renaissance Securities (Cyprus) Ltd. (syndicateDCM@rencap.com) is the dealer manager. The tender agent is Bank of New York Mellon, London Branch (debtrestructuring@bnymellon.com, +44 1202 689644).
The Dublin-based special purpose vehicle issued the bonds for Kostroma, Russia-based PJSC Sovcombank.
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