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Russia’s KOKS gets early tenders for $68 million 7½% notes due 2022
By Susanna Moon
Chicago, Sept. 25 – KOKS Finance DAC said investors had tendered $68,071,000 of its $468.9 million outstanding 7½% loan participation notes due 2022 as of the early deadline at 5 p.m. ET on Sept. 24.
KOKS accepted for purchase all of the tendered notes with settlement set for Sept. 27, according to an update on Tuesday.
As announced Sept. 11, the issuer is tendering for up to $100 million of the $500 million notes sold for the purpose of financing a loan to PJSC KOKS.
The total purchase price will be $995 per $1,000 principal amount, which includes an early tender premium of $30 per $1,000 of notes tendered before the early deadline.
Holders who tender after the early deadline will receive the total amount less the early premium.
The tender offer will continue until 11:59 p.m. ET on Oct. 9. Tendered notes may not be withdrawn after the early deadline.
The company will also play accrued interest.
The offer is part of the company's liability management and, through the offer, the company expects to optimize its liabilities and to further improve the currency structure of its balance sheet as well as to provide some liquidity to holders, according to a previous notice.
Settlement will occur on Oct. 12 for any remaining tenders.
VTB Capital plc (+44 20 3334 88029 or liability.management@vtbcapital.com) is now a joint dealer manager, along with Citigroup Global Markets Ltd. (+44 20 7986 8969, 212 723-6106, 800 558-3745 or liabilitymanagement.europe@citi.com) and GPB-Financial Services Ltd. (+7 499 271 9154 / +7 495 988 2353 or liability.management@gazprombank.ru), according to an update on Friday.
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 coke and pig iron producer and miner based in Moscow.
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