Russia's URSA Bank buys back €49.64 million of 7%, 8.3% notes issued by URSA Finance

By Susanna Moon

Chicago, April 29 - URSA Bank, OJSC said it purchased as of April 28 €26.08 million of the €400 million 7% loan participation notes due May 21, 2010 and €23.56 million of the €300 million 8.3% loan participation notes due Nov. 16, 2011 issued by URSA Finance plc.

URSA began a tender offer on April 16 for up to €100 million of the two series of notes.

There is now €202.17 million of the 7% notes and €225.90 million of the 8.3% notes outstanding. As of April 16, there were €228.25 million of the 7% notes and €249.47 million of the 8.3% notes outstanding.

The offer expired at 11 a.m. ET on April 23.

URSA previously said the purchase price for the notes would be determined by auction. Holders who tendered would specify a purchase price in increments of €2.50 above the minimum purchase price.

For each €1 million principal amount, the minimum purchase price was set at €920 for the 7% notes and €840 for the 8.3% notes. The maximum purchase price would be the price that would allow the bank to purchase a principal amount of notes equal to the cap.

URSA Bank reserved the right to change the €100 million cap.

Holders also were to receive accrued interest up to but excluding the settlement date.

The dealer manager was Royal Bank of Scotland plc (call Liability Management Desk at +44 0 20 7085 3781 8056/4634). The tender agent was Lucid Issuer Services Ltd. (+44 0 20 7704 0880).

URSA Bank is a Moscow-based bank formerly known as OJSC Sibacadembank.

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