Russia's VTB Capital wraps oversubscribed tender offer for 5½% notes

By Susanna Moon

Chicago, Dec. 6 - Russia's VTB Capital plc said it received tenders for $742,373,000 of JSC Development Bank of Kazakhstan's $777 million of 5½% notes due 2015 by the end of the offer at 5 p.m. ET on Dec. 5.

VTB will accept for purchase $499,999,000 of the notes in the oversubscribed offer, which is equal to a proration factor of 69.011345%, according to a company press release.

The company offered to purchase up to $500 million of the notes and received early tenders for $741.8 million, as noted on Nov. 21. The offer began on Nov. 5.

As announced before, the total purchase price is $1,112.50 for each $1,000 principal amount, including a $30.00 early tender payment, of notes tendered by 5 p.m. ET on Nov. 20, the early date.

Those who tendered after the early deadline will receive $1,082.50 per $1,000 of notes.

VTB will also pay accrued interest up to but excluding the settlement date of Dec. 6.

The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or dbk@lucid-is.com). The dealer managers are VTB Capital (44 203 334 8025 or vtb.dcm@vtbcapital.com), J.P. Morgan Securities plc (44 207 134 3224 or emea_lm@jpmorgan.com) and JSC Halyk Finance (7 727 259 05 93 or halykfinance@halykbank.kz).

VTB is a Moscow-based lender. The development bank is based in Astana, Kazakhstan.

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