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Evraz Group launches Dutch offer to purchase portion of 8 7/8% notes
By Jennifer Chiou
New York, April 5 - Evraz Group SA announced the start of a modified Dutch auction cash offer to purchase up to $350 million of its $1.3 billion of 8 7/8% notes due 2013.
For each $1,000 of notes, the clearing price will be in the range of $1,095 to $1,115, including an early tender payment of $30 for those who tender prior to noon ET on April 18.
Evraz will also pay accrued interest.
The offer will end at 10 a.m. ET on May 3. Settlement is slated for May 4.
Tenders received in excess of the maximum purchase amount will be accepted on a pro rata basis.
The company issued $1.05 billion of the notes on April 24, 2008 and $250 million of the notes on May 27, 2008.
The joint dealer managers are Goldman Sachs International (44 20 7774 4799 or liabilitymanagement.eu@gs.com), ING Bank NV, London Branch (44 20 7767 5107 or debt.syndicate@uk.ing.com) and VTB Capital plc (44 20 3334 8029 or vtb.dcm@vtbcapital.com).
The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880; attention: Yves Theis). Global Bondholder Services Corp. is the information agent (212 430-3774 for banks and brokers and 866 488-1500 for others).
Evraz is a Moscow-based vertically integrated steel and mining concern. It has operations in Russia, Ukraine, the United States, Canada, South Africa and Europe.
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