| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for TMK Capital SA > News item |
Russia’s TMK tenders for $200 million of 7¾% notes by Dutch auction
By Susanna Moon
Chicago, Oct. 29 – TMK Capital SA began a tender offer for up to $200 million of its $500 million of 7¾% loan participation notes due 2018 issued for the purpose of financing a loan to PAO TMK.
The minimum purchase price will be $1,025 per $1,000 principal amount, with pricing to be set under a modified Dutch auction.
The purchase price will be set at the lowest level that will allow the company to purchase an amount of notes equal to the final acceptance amount. It will be either the minimum purchase price or an increment of $1.25 per $1,000 principal amount above the minimum, according to a company notice.
The company also will pay accrued interest.
The maximum acceptance amount has been set at $200 million, but the issuer said it may purchase less than or more than that amount.
Electronic instructions may be submitted in the form of either a non-competitive offer, which does not specify an offer price or specifies an offer price lower than or equal to the minimum price, or a competitive offer, which offers a price higher than the minimum in increments of $1.25 per $1,000 principal amount.
The tender offer will end at 11 a.m. ET on Nov. 9. Settlement has been slated for Nov. 13.
Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) are the joint dealer managers.
Citibank, NA, London Branch (debtxportal.issuerservices.citigroup.com, +44 207 508 3867 exchange.gats@citi.com) is the tender agent.
The purpose of the offer is to reduce the group’s dollar-denominated debt, the release noted.
TMK is a steel pipe manufacturer based in Moscow.
© 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.