Russia’s KOKS adds VTB as manager in capped tender for 7½% notes

By Susanna Moon

Chicago, Sept. 14 – KOKS Finance DAC said it added a dealer manager to the tender offer of its $468.9 million outstanding 7½% loan participation notes due 2022.

VTB Capital plc (+44 20 3334 88029 or liability.management@vtbcapital.com) is now a joint dealer manager, along with Citigroup Global Markets Ltd. (+44 20 7986 8969, 212 723-6106, 800 558-3745 or liabilitymanagement.europe@citi.com) and GPB-Financial Services Ltd. (+7 499 271 9154 / +7 495 988 2353 or liability.management@gazprombank.ru), according to an update on Friday.

The tender agent is Citibank, NA, London Branch (exchange.gats@citi.com or +44 20 508 3867).

As announced Sept. 11, the issuer is tendering for up to $100 million the $500 million notes sold for the purpose of financing a loan to PJSC KOKS.

The total purchase price will be $995 per $1,000 principal amount, which includes an early tender premium of $30 per $1,000 of notes tendered before the early deadline of 5 p.m. ET on Sept. 24.

Holders who tender after the early deadline will receive the total amount less the early premium.

The tender offer will end at 11:59 p.m. ET on Oct. 9. Tendered notes may be withdrawn before the early deadline.

The company will also play accrued interest.

The offer is part of the company's liability management and, through the offer, the company expects to optimize its liabilities and to further improve the currency structure of its balance sheet as well as to provide some liquidity to holders, according to a notice.

Settlement will occur on Sept. 27 for early tendered notes and on Oct. 12 for any remaining tenders.

KOKS Finance is a subsidiary of KOKS Group, a coke and pig iron producer and miner based in Moscow.

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