Russia’s CBOM announces results of tenders of notes from five series

By Rebecca Melvin

New York, March 27 – CBOM Finance plc announced the results of its cash tender offers, on behalf of Credit Bank of Moscow, for up to $200 million of loan participation notes from five series under modified Dutch auction procedures.

The company received tenders of $26,921,000 of its 2021 notes, $23,766,000 of its 2023 notes, $17,830,000 of its 2024 notes, €71,767,000 of its 2024 notes and $50,450,000 of its 2025 notes.

CBOM has accepted for purchase:

• $8,818,000 of 5 7/8% loan participation notes due 2021 (ISIN: XS1510534677), of which $375 million notes remain outstanding, for $911.25 per bond, compared to the minimum purchase price of $910 initially talked;

• $11.63 million of 5.55% loan participation notes due 2023 (ISIN: XS1759801720), of which $375 million notes remain outstanding, for $840 per bond, which was the minimum purchase price initially talked

• $12.73 million of 7.121% loan participation notes due 2024 (ISIN: XS1964558339), of which $350 million notes remain outstanding, at a $831.25 per bond, compared to the minimum purchase price of $830 initially talked;

• €32,772,000 of 5.15% loan participation notes due 2024 (ISIN: XS1951067039), of which €400 million notes remain outstanding, at €860 per bond compared to the minimum purchase price of €830 initially discussed; and

• $19 million of 4.7% loan participation notes due 2025 (ISIN: XS2099763075), of which $600 million remain outstanding, at $800 per bond, which is well above the $720 minimum purchase price initially talked.

Settlement is expected to be on March 31.

Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Societe Generale (+44 20 7676 7951, liability.management@sgcib.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880, mkb@lucid-is.com) is the tender agent.

The Moscow-based lender said the purpose of the offer is to take advantage of its liquidity position and current market volatility to proactively manage its liabilities.

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