Sibur launches any-and-all tender offer for 2023, 2024, 2025 notes

By Marisa Wong

Los Angeles, Feb. 21 – Sibur International GmbH has launched an invitation to holders of three series of notes issued by Sibur Securities DAC and guaranteed by PJSC Sibur Holding to tender their notes for purchase for cash.

Sibur is offering to purchase any and all of the following notes:

• $500 million 4 1/8% guaranteed notes due 2023 (ISIN: XS1693971043, US825795AA56), $162.16 million of which is outstanding;

• $500 million 3.45% guaranteed notes due 2024 (ISIN: XS2010044621, US825795AB30), $368,668,000 of which is outstanding; and

• $500 million 2.95% guaranteed notes due 2025 (ISIN: XS2199713384, US825795AC13), $427 million of which is outstanding.

The purchase price will be determined under a modified Dutch auction procedure. The minimum purchase price is $550 for the 2023 and 2024 notes and $500 for the 2025 notes. The maximum purchase price is $700 for the 2023 and 2024 notes and $650 for the 2025 notes. The actual purchase prices will be determined after the expiration of the offer.

The company will also pay accrued interest.

The offer expires at 11 a.m. ET on March 10. Tender results will be announced on March 13.

Settlement will occur between March 14 and March 31.

The final amount accepted will be announced on April 11 or as soon as practicable after settlement of the offer.

The tender agent is i2 Capital Markets Ltd. (+44 20 3633 1212; sibur@i2capmark.com; https://i2capmark.com/event-details/83/Holder/sibur-tender-offer).

Sibur is an integrated petrochemicals company based in Moscow.

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