By Rebecca Melvin
Concord, N.H., Nov. 2 – GTLK Europe DAC priced $600 million 4.349% senior unsecured notes due 2029 (expected ratings: Ba2//BB+) at par to yield 4.35% or a spread of 289 basis points over U.S. Treasuries, according to a syndicate source.
The notes are guaranteed by JSC GTLK and GTLK Europe.
There is a put option at 100 if the Russian Federation ceases to own or control over 75% of voting share capital of any of the guarantors.
Citi, Eurasian Development Bank, Gazprombank, JPMorgan, Renaissance Capital, Societe Generale, Sovcombank and VTB Capital were joint lead managers and joint bookrunners of the Regulation S-only deal, which settled on Oct. 27.
The issuer is a wholly owned Irish subsidiary of state-owned GTLK, which is the largest leasing company in Russia.
| Issuer: | GTLK Europe Capital DAC
|
| Guarantor: | JSC GTLK and GTLK Europe DAC
|
| Issue: | Guaranteed notes
|
| Amount: | $600 million
|
| Maturity: | Feb. 27, 2029
|
| Bookrunners: | Citi, Eurasian Development Bank, Gazprombank, JPMorgan, Renaissance Capital, Societe Generale, Sovcombank and VTB Capital
|
| Coupon: | 4.349%
|
| Price: | Par
|
| Yield: | 4.35%
|
| Change of control put: | At par
|
| Pricing date: | Oct. 21
|
| Settlement date: | Oct. 27
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
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