Tatarstan's NKNK offers to exchange 8½% loan participation notes

By Angela McDaniels

Tacoma, Wash., Oct. 5 - NKNK Finance plc has begun an exchange offer and consent solicitation for 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.

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.

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 are eligible to submit consents.

Only holders who reside in an approved jurisdiction and who are not U.S. persons or U.S. residents are eligible to participate in the exchange offer. These holders can tender their notes or submit consents but not both.

The offer is not being made in the United States, Italy, Japan, Canada, Australia, Russia or South Africa.

The exchange offer is subject to the receipt of no less than $167,000 principal amount of 8½% notes.

The dealer manager is Citigroup Global Markets Ltd. (+44 0 20 7986 8969), and the exchange agent is Citibank, NA (+44 0 20 7508 3867).

Nizhnekamskneftekhim is a petrochemicals company based in Nizhnekamsk, the Tatarstan Republic.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.