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Russia’s KOKS gets tenders for $124.44 million of 10¾% notes in offer
By Susanna Moon
Chicago, April 26 – KOKS Finance DAC said investors had tendered $124,435,000 of its $201,345,000 of outstanding 10¾% loan participation notes due 2018.
The tender offer ended at 11 a.m. ET on April 25, with settlement set to follow on May 5.
After the repurchase, there will be $76.91 million of the notes left outstanding, according to a company update on Wednesday.
As announced April 18, the purchase price will be $1,070 per $1,000 principal amount plus accrued interest.
The notes were issued for the purpose of financing a loan to PJSC KOKS and are guaranteed on a joint and several basis by JSC Kombinat KMAruda, LLC, Tikhova Mine, LLC, Butovskaya Mine and PJSC Tulachermet.
The tender contains a financing condition.
As reported, KOKS Finance started a roadshow on April 20 for five-year loan participation notes as a part of the refinancing.
The terms of the new notes will be determined by May 5.
In the tender, holders who tendered their notes for cash and also subscribed to the company’s new notes issue could apply for an allocation identifier code.
The company previously said it would review the tender instructions and may give priority to those investors tendering with the allocation identifier code but would provide no assurance that it would do so.
Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Renaissance Securities (Cyprus) Ltd. (+357 22 360 000 or SyndicateDCM@rencap.com), JSC Sberbank CIB/ SIB (Cyprus) Ltd. (+7 495 787 2363 or liability_management@sberbank-cib.ru) and VTB Capital plc (+44 20 333 48029 or e-mail: liability.management@vtbcapital.com) are the joint dealer managers.
The tender agent is Citibank, NA, London Branch (exchange.gats@citi.com or +44 20 508 3867).
KOKS Finance is a subsidiary of KOKS Group, a Moscow-based merchant coke and pig iron producer.
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