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Borets reports $53.7 million of 6% notes tendered by final deadline
By Devika Patel
Knoxville, Tenn., June 28 – Borets Holding Co. Ltd. announced the final results from its tender offer for its $103.8 million outstanding 6% guaranteed notes due 2026 (ISIN: XS2230649225, US09973BAB53) issued by Borets Finance DAC.
As of the 11 a.m. ET June 26 expiration deadline, the company has received a total of $53,696,000 tendered notes.
As previously announced, as of the early deadline at 11 a.m. ET on June 8, Borets received tenders for $53,296,000 of notes.
The company was offering a maximum consideration of $50 million but increased that to $80 million on June 12.
The maximum consideration does not include any accrued interest, which will also be paid.
The purchase price is being determined under a modified Dutch auction procedure. For each $1,000 principal amount, the minimum purchase price is $637.50, and the maximum price is $737.50.
The total consideration includes an early tender premium of $12.50 per $1,000 of notes tendered by the early tender deadline.
There were originally $350 million of the notes issued.
The company noted that settlement of the offer and purchase of the notes will be conducted only for the Regulation S notes (ISIN: XS2230649225). Holders of the Rule 144A notes (ISIN: US09973BAB53) will be required to take additional action for purposes of settlement.
The notes are guaranteed by Levare International Ltd., OOO Proizvodstvennaya Kompaniya Borets, OOO Lemaz, OOO Lysvaneftemash, OOO Oskolneftemash, Borets International FZE, Borets Seven Seas LLC, Levare U.S., Inc. and OOO Borets Muravlenko.
Settlement will occur over a period of 14 calendar days beginning on June 27.
i2 Capital Markets Ltd. (+44 20 3633 1212; boretstender@i2capmark.com; https://i2capmark.com/event-details/89/Holder/borets-tender-offer) is the tender agent.
Russia-focused Borets Finance is a subsidiary of Borets International Ltd., which makes electrical submersible pumps for the oil and gas industry and has its global headquarters in Dubai.
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