Russia’s Tinkoff buys back $48.02 million of 10¾% notes due 2015

By Angela McDaniels

Tacoma, Wash., July 1 – TCS Group Holding plc announced that Tinkoff Bank bought back $48,021,000 principal amount of the $169.91 million 10¾% loan participation notes due September 2015 issued by TCS Finance Ltd.

The trade was made at market terms, according to a company news release.

The acquired notes, together with the notes already owned by Tinkoff Bank, amount to 38.5% of the notes currently outstanding.

Tinkoff Bank may transfer any notes purchased to the issuer, which will then prepay and cancel the notes. Tinkoff Bank said it will make an announcement if it transfers any notes to the issuer.

Tinkoff Bank or any of its subsidiaries may purchase additional notes from time to time.

TCS Group is a Moscow-based provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance.

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