Russia’s LSR offers to repurchase, redeems series 001P-02 bonds

By Rebecca Melvin and Cady Vishniac

New York, Oct. 21 – PJSC LSR Group announced both a public offer to purchase bonds from its series 001P-02 bonds and a consummated planned redemption of the same series (ISIN: RU000A0JXPM0) in two separate notices on the London Stock Exchange on Wednesday.

LSR announced a public redemption offer for up to 3,333,333 of its series 001P-02 bonds at a purchase price not to exceed 103.41% of the outstanding part of the par value of the bonds, which were issued on April 20, 2017.

The current par value of the outstanding portion of the bonds is RUB 600.

The acceptance period will run from Nov. 2 to Nov. 9, with a purchase date on Nov. 11.

The current par value has been calculated following a scheduled buyback of RUB 1 billion of its RUB 5 billion series 001P-02 bonds, or one-fifth of the issue.

When the bonds were placed, coupons were divided into 20 coupon payment parts. At coupon payments 12, 14, 16, 18 and 20, early redemption of the bonds was provided for in the amount of 20% of the nominal value at the time of each coupon payment.

The company just made its 14th coupon payment on the bonds. The notes mature in 2022. The coupon rate for the last payment was set at 9.65% and amounted to RUB 96.25 million, or RUB 19.25 per bond.

LSR is a real estate development, construction and building materials company based in St. Petersburg.

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