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Russia’s KOKS begins cash tender for $201.35 million of 10¾% notes
By Susanna Moon
Chicago, April 18 – KOKS Finance DAC has begun a cash tender offer for its $201,345,000 of outstanding 10¾% loan participation notes due 2018.
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 purchase price will be $1,070 per $1,000 principal amount plus accrued interest.
KOKS is making the offer to extend the maturity profile of some of its debt and to “optimize” its use of cash and cash equivalents, according to a company announcement.
The tender contains a financing condition.
Holders who tender their notes for cash and also subscribe to the company’s new notes issue may apply for an allocation identifier code.
The company will review the tender instructions and may give priority to those investors tendering with the allocation identifier code but will provide no assurance that it will do so.
The tender offer will remain open until 11 a.m. ET on April 25 with settlement on May 5.
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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