Russia’s Sovcomflot gets tenders for $652.7 million of 5 3/8% notes

By Susanna Moon

Chicago, June 9 – SCF Capital Ltd. said investors had tendered $652.7 million of its $800 million 5 3/8% notes due 2017 guaranteed by PAO Sovcomflot.

The tender offer ended at 7 a.m. ET on June 9.

The company accepted all of the tendered notes, with settlement set for June 17, according to a company notice.

After the purchase, there will be $147.3 million of the notes left outstanding.

As announced June 1, the purchase price will be $1,041.25 for each $1,000 principal amount plus accrued interest.

The issuer made the offer in order to acquire some of the outstanding notes to be funded using proceeds of a new notes issue, with the effect of extending the maturity profile of some of the company’s debt, according to a previous company announcement.

The offer was contingent on the new financing, and the company expected to meet the financing condition by the settlement date.

Noteholders who subscribed for new notes in addition to tendering notes for purchase under the offer will receive priority in the allocation of the new notes by applying for it, the previous release noted.

The minimum denomination is $200,000 and integral multiples of $1,000 after that.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), ING Bank NV, London Branch (+44 20 7767 5107 or liability.management@uk.ing.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com), CJSC Sberbank CIB, SIB (Cyprus) Ltd. (+7 495 787 2363 or liability_management@sberbank-cib.ru) and VTB Capital plc (+44 20 333 48029 or liability.management@vtbcapital.com) are the joint dealer managers.

The tender agent is Citibank, NA, London Branch (debtxportal.issuerservices.citigroup.com or exchange.gats@citi.com).

Sovcomflot is a maritime shipping company based in St. Petersburg, Russia.

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