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Evraz begins tendering for up to $500 million of three note series
By Susanna Moon
Chicago, Dec. 4 – Evraz Group SA said it began tender offers to purchase up to $500 million of three series of its notes.
The purchase price for each $1,000 principal amount will be as follows, according to a company announcement:
• $1,045 for the $600 million 7.4% notes due April 24, 2017;
• $1,072 for the $550 million ($509.2 million outstanding) 9½% notes due April 24, 2018; and
• $1,011 for the $850 million 6¾% notes due April 27, 2018.
The company also will pay accrued interest to but excluding the payment date.
The minimum denomination will be $100,000 for the 9½% notes and $200,000 for the other two series of notes and integral multiples of $1,000 after that.
If the offer is oversubscribed, the company said it will accept the tendered notes on a pro-rata basis.
The company said it is offering to purchase the notes in order to extend the maturity of some of the group’s debt.
The tender offers are conditioned on the company’s issue of new unsecured and unsubordinated notes by the settlement date of Dec. 18.
The offers will end at 11 a.m. ET on Dec. 11.
The dealer managers are Barclays Bank plc (+ 44 20 3134 8515, eu.lm@barclays.com), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_1m@jpmorgan.com), CJSC Sberbank CIB (+7 495 787 2363 or liability_management@sberbank-cib.ru), UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) and VTB Capital plc (+44 20 33348029 or liability.management@vtbcapital.com).
The information and tender agent is D.F. King Ltd. (+44 20 7920 9700, evraz@dfkingltd.com and http://sites.dfkingltd.com/evraz or +852 3953 7230, evraz@dfkingltd.com and http://sites.dfkingltd.com/evraz).
Evraz is a London-based steel, mining and vanadium company with operations in Russia, Ukraine, Kazakhstan, USA, Canada, Czech Republic, Italy and South Africa.
© 2015 Prospect News.
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