Sibur conducts second any-and-all tender for 2023, 2024, 2025 notes

By William Gullotti

Buffalo, N.Y., Oct. 3 – Sibur International GmbH has conducted and subsequently priced its second any-and-all cash tender offer for three series of notes due 2023, 2024 and 2025, according to several documents.

Similar to the offer the company opened Feb. 21, 2023 and eventually settled in June, the company’s Sept. 1 tender offer pertained to the same three series of notes issued by Sibur Securities DAC and guaranteed by PJSC Sibur Holding.

Also similar to the first offer earlier this year, the offer was later amended to significantly extend the expiration date to 11 a.m. ET on Oct. 2 from the same time on Sept. 14.

The relevant series of notes included:

• $500 million 4 1/8% guaranteed notes due 2023 (ISIN: XS1693971043, US825795AA56);

• $500 million 3.45% guaranteed notes due 2024 (ISIN: XS2010044621, US825795AB30); and

• $500 million 2.95% guaranteed notes due 2025 (ISIN: XS2199713384, US825795AC13).

Likewise following a Dutch auction procedure, the purchase price has been set at $700 per $1,000 of principal for the 2023 and 2024 notes and $650 per $1,000 of principal for the 2025 notes. Each purchase price was equal to the maximum purchase price, while the minimum was $550 for the 2023 and 2024 notes and $500 for the 2025 notes.

The company will also pay accrued interest.

All notes tendered equal to or below the relevant purchase price will be accepted for purchase as priced.

The offer settlement period will expire Oct. 18.

Completion of settlement will be announced as soon as reasonably practicable.

Repurchased notes will be canceled or designated as designated notes and will not be reissued or resold in the open market.

The tender agent is i2 Capital Markets Ltd. (+44 20 3633 1212; sibur@i2capmark.com; https://i2capmark.com/event-details/83/Holder/sibur-tender-offer).

Sibur is an integrated petrochemicals company based in Moscow.

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