Latvia’s 4finance begins tender offer for $170 million 13% notes

By Susanna Moon

Chicago, Aug. 7 – AS 4finance said it began a tender offer for its outstanding $170 million 13% senior notes due 2015 guaranteed on a senior basis by some of its subsidiaries.

The company is offering to pay par plus accrued interest up to but excluding the settlement date of Aug. 14.

The tender offer will run until noon ET on Aug. 13. The offer began Aug. 6.

Holders must tender at least $200,000 principal amount of notes and in integral multiples of $1,000 after that.

Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or email liability.management@credit-suisse.com) is the dealer manager, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or email 4finance@lucid-is.com) is the tender agent.

A subsidiary of the issuer has mandated Credit Suisse Securities (Europe) Ltd. to arrange a series of fixed-income investor meetings for a possible offering of senior notes, which is expected to close concurrently with settlement of the tender offer, subject to market conditions, according to a company press release.

The new notes issuer will lend some proceeds of the new notes to the issuer, and the issuer will use proceeds to fund the tender offer. Remaining proceeds will be used to discharge any notes that have not been tendered under the offer and for other uses.

4finance set talk in the 11¾% area for its offering of dollar-denominated notes due in five years (expected ratings: B3/B/), as reported by Prospect News on Aug. 6.

The company is a provider of short-term loans based in Riga, Latvia.

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