Borets purchases $51.68 million of 6% notes via tender offer

By Mary-Katherine Stinson

Lexington, Ky., April 3 – Borets Holding Co. Ltd. announced the final tendered amount from its offer for its $103.8 million outstanding 6% guaranteed notes due 2026 (ISIN: XS2230649225, US09973BAB53) issued by Borets Finance DAC, according to a notice.

The group announced on April 2 it had purchased $51,681,000 in principal amount of the notes, leaving $19,058,000 outstanding.

The tender offer was launched on May 24, 2023.

At the expiration of the offer on June 26, 2023, Borets announced that a total of $53,696,000 of the notes were tendered, with $53,296,000 of those being tendered by the early deadline of June 8, 2023.

Initially, the company was offering a maximum consideration of $50 million but increased that to $80 million on June 12, 2023.

The maximum consideration did not include any accrued interest, which the company said would also be paid.

The purchase price was determined under a modified Dutch auction procedure. For each $1,000 principal amount, the minimum purchase price was $637.50, and the maximum price was $737.50.

The total consideration included 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 would be conducted only for the Regulation S notes (ISIN: XS2230649225). Holders of the Rule 144A notes (ISIN: US09973BAB53) were 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.

It was originally announced that settlement would occur over a period of 14 calendar days beginning on June 27, 2023.

i2 Capital Markets Ltd. (+44 20 3633 1212; boretstender@i2capmark.com; https://i2capmark.com/event-details/89/Holder/borets-tender-offer) was 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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