Sibur gains OK to close tender offer, sets purchase price

By Mary-Katherine Stinson

Lexington, Ky., May 2 – Sibur International GmbH reported the expiration and set the purchase price of its tender offer for three series of notes, after gaining approval from the governmental commission, which was required to close the deal, according to a notice.

The offer expired at 11 a.m. ET on April 28.

As previously reported, the company launched the invitation on Feb. 20 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 was 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.

Following a Dutch auction procedure, the purchase price has been set at $700 per $1,000 of principal for the 2023 and 2024 notes and $650 per $1,000 of principal for the 2025 notes. This equals the maximum purchase price. It had previously been announced that the maximum would be $700 for the 2023 and 2024 notes and $650 for the 2025 notes, while the minimum was $550 for the 2023 and 2024 notes and $500 for the 2025 notes.

The company will also pay accrued interest.

All notes tendered equal to or below the relevant purchase price will be accepted for purchase.

The offer settlement period will expire June 2. Completion of settlement will be announced within five business days after the offer settlement period or as soon as reasonably practicable.

Repurchased notes will be canceled or designated as designated notes and will not be reissued or resold in the open market.

Since the offer was launched, it was extended several times to comply with presidential decree No. 138 issued on March 3, requiring offshore eurobond tender offers in which foreign-held eurobonds or tender offers settled through accounts with foreign financial institutions to be approved by the Governmental Commission on Control for Effectuation of Foreign Investments in the Russian Federation.

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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