Russia's Locko tenders for $20 million 10% loan participation notes, RUR 1.1 billion bonds

By Jennifer Chiou

New York, Feb. 27 - Locko Finance plc announced the start of a tender offer for up to $20 million of its $88.3 million of 10% loan participation notes and up to RUR 1.1 billion of its RUR 2.58 billion of 10½% loan participation notes.

For each $1,000 principal amount of the dollar notes, the company said it will pay a maximum repurchase price of $600. For each RUR 200,000 principal amount of the ruble notes, the company said it will pay a repurchase price of up to RUR 160,000.

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 invitation period of the offer ends at 10 a.m. ET on March 13 while the company will stop 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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