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Russia's Kazanorgsintez gets tenders, consents for $98.8 million 9¼% loan participation notes
By Angela McDaniels
Tacoma, Wash., March 24 - Kazan OJSC said holders tendered $98,802,000 principal amount of Kazanorgsintez SA's $200 million of 9¼% loan participation notes due Oct. 30, 2011 during a tender offer and consent solicitation that expired at 11 a.m. ET on March 12.
Following the offer, $100,834,000 of the notes remains outstanding, according to a company news release.
Holders were offered $900 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which was March 19.
In the consent solicitation, the company sought:
• To change the maturity date of the notes and the repayment date under the loan to March 19, 2015;
• To increase the interest rate on the notes and loan to 10%;
• To remove some covenants from the loan agreement;
• A waiver of any event of default occurring under the loan agreement prior to March 16; and
• Some amendments to the loan and notes to allow for the loan to be prepaid in order to enable the issuer to purchase notes in the tender offer.
Noteholders voted to approve the proposed changes at two meetings in London on March 16. The tender offer was conditioned on this approval.
Noteholders who tendered were deemed to have appointed the tender and tabulation agent as their proxy to attend the meetings and vote in favor of the changes.
The tender offer began on March 1.
The dealer manager was ING Bank NV, London Branch (debt.syndicate@uk.ing.com). The tender and tabulation agent was Bank of New York Mellon (+44 0 20 7964 4958 or eventsadmin@bnymellon.com).
Kazan is a chemical company based in Kazan, Russia.
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