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Evraz starts offer to purchase all $576.7 million of its 8¼% notes
New York, Dec. 8 – Evraz Group SA announced that it has begun a tender offer for all $576.7 million of its currently outstanding 8¼% guaranteed notes due 2015.
The notes were issued by Evraz and are guaranteed by Mastercroft Sarl.
Holders who tender by the early tender deadline of 12 p.m. ET on Dec. 17 will receive $1,005 per $1,000 principal amount plus accrued interest up to but excluding the early payment date, which is expected to be Dec. 22.
Those who tender after the early deadline but before the expiration of 12 p.m. ET on Jan. 12 will receive $975 per $1,000 principal amount plus accrued interest.
Evraz said it is carrying out the offer to “optimize the use of” its cash. The company currently has “significant liquidity” and repurchasing the notes will reduce the cost of carrying cash.
Credit Agricole CIB (+44 20 7214 7440 or liability.management@ca-cib.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_1m@jpmorgan.com) are the dealer-managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or evraz@lucid-is.com) is the tender agent.
Evraz is a Moscow-based steel producer.
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