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Tatarstan's NKNK gets tenders for 85% of 8½% loan participation notes
By Angela McDaniels
Tacoma, Wash., Oct. 28 - NKNK Finance plc received tenders for $168,994,000 principal amount, or 85%, of the $200 million of 8½% loan participation notes due 2015 it issued to finance a loan to OAO Nizhnekamskneftekhim, according to a company news release.
An exchange offer and consent solicitation for the notes began on Oct. 5 and ended on Oct. 15.
Noteholders voted at a meeting on Oct. 27 to pass the extraordinary resolution proposed by the company, and the proposed changes have been implemented.
For each $1,000 principal amount of notes exchanged, holders will receive $600 principal amount of new 12% loan participation notes due April 20, 2012 and $400 in cash plus accrued interest up to but excluding the settlement date, which is expected to be Nov. 3.
The company can choose to amortize the new notes by repaying 33% of the principal on April 20, 2011, 33% on Oct. 20, 2011 and the remaining 34% on April 20, 2011.
The consent payment is $50 per $1,000 principal amount of notes.
All holders were eligible to submit consents.
Only holders who reside in an approved jurisdiction and who are not U.S. persons or U.S. residents were eligible to participate in the exchange offer. These holders could tender their notes or submit consents but not both.
The offer was not being made in the United States, Italy, Japan, Canada, Australia, Russia or South Africa.
The dealer manager was Citigroup Global Markets Ltd. (+44 0 20 7986 8969), and the exchange agent was Citibank, NA (+44 0 20 7508 3867).
Nizhnekamskneftekhim is a petrochemicals company based in Nizhnekamsk, the Tatarstan Republic.
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