Sibur tenders for 3.914% notes due 2018 at 100.9 via new issue

By Susanna Moon

Chicago, Sept. 18 – Russia’s Sibur Securities DAC is tendering for its $616,175,000 of outstanding 3.914% notes due 2018 guaranteed by PJSC Sibur Holdings.

The tender is being held alongside an offering of new dollar-denominated fixed-rate notes, with proceeds of the new issue to be used to fund the offer and is a condition of the tender offer.

Sibur is making the offer “to proactively manage [the company's] debt portfolio and related borrowing costs,” according to a company announcement. The tender offer and new notes issue also will extend the maturity profile of some of the company’s debt.

The purchase price will be $1,009 for each $1,000 principal amount plus accrued interest.

The tender offer will end at 11 a.m. ET on Sept. 27, with settlement following on Oct. 6.

For the allocation of the new notes, the issuer will consider whether a holder has tendered notes in the offer and how much.

Bank GPB International SA (+7 499 271 9154 / +7 495 988 2353 or liability.management@gazprombank.ru), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com), ING Bank NV, London Branch (+31 20 563 8017 or liability.management@uk.ing.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com), JSC Sberbank CIB (+7 495 787 2363 or liability_management@sberbank-cib.ru) and SIB (Cyprus) Ltd. (+7 495 787 2363 or liability_management@sberbank-cib.ru) are the joint dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or sibur@lucid-is.com).

As previously announced, in the tender offer that ended at 11 a.m. ET on Dec. 9, 2016, the company took in tenders for $190,025,000 of the 3.914% notes at a price of $1,017.50 per $1,000 principal amount.

Sibur was offering to purchase up to $250 million of the notes using a modified Dutch auction with a minimum price of $1,012.50 per $1,000 principal amount.

The offer began Dec. 1, 2017 on the heels of a tender that ran until 11 a.m. ET on Sept. 5, 2017. In the previous offer, holders had tendered $193.8 million of the $1 billion of 3.914% notes at a purchase price of par.

Sibur Securities DAC is a gas processing and petrochemicals company based in Dublin. Sibur is a petrochemical company based in Moscow.

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