Russia's Locko holders tender $2.3 million 10% notes in offer for up to $20 million

By Susanna Moon

Chicago, March 17 - Locko Finance plc said it accepted tenders of $2.3 million in its offer to buy up to $20 million of its $88.3 million of 10% loan participation notes.

The company will pay $600 per $1,000 principal amount of the notes. The outstanding amount of the notes following completion of the offer will be $86 million.

On Feb. 27, Locko announced the tender offer for its 10% notes and up to RUR 1.1 billion of its RUR 2.58 billion of 10½% loan participation notes.

The outstanding principal amount of ruble notes following completion of the invitation will be RUR 2,584,600,000.

For each RUR 200,000 principal amount of the ruble notes, the company previously said it would pay a repurchase price of up to RUR 160,000.

The company previously said holders must tender a minimum of $150,000, or RUR 2 million, of notes, and they will receive accrued interest to the settlement date.

The company stopped accepting tenders at 11 a.m. ET on March 17.

Locko Finance is a special purpose vehicle of Russia's Locko-Bank, a Moscow-based retail banking company.

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