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Russia’s TMK receives tenders for $177.45 million of 7¾% notes
New York, April 25 – TMK Capital SA announced that holders tendered $177,453,000 of its $408.82 million of outstanding 7¾% loan participation notes due 2018.
The issuer will accept the $177,453,000 tendered for purchase.
Following settlement, which is expected to take place on April 28, there will be $231,367,000 of the notes outstanding.
The notes were issued for the purpose of financing a loan to PAO TMK.
TMK announced the tender on April 13, saying it was offering to buy up to $200 million of the notes.
The company was offering to pay $1,047.50 for each $1,000 principal amount of notes tendered by 11 a.m. ET on April 22.
Holders will also receive accrued interest.
The offer is intended to reduce the group’s dollar-denominated debt and to extend its maturity profile, and the funding will be cash-generated from operating activities of the group and borrowings, according to a company announcement.
Alfa Capital Holdings (Cyprus) Ltd. (+357 22470900 or dhadjisavvas@alfacapital.com.cy), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) are the joint dealer managers.
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or tmk@lucid-is.com).
As announced on Nov. 10, TMK purchased $91.18 million of the 7¾% notes under a modified Dutch auction offer at a purchase price of $1,032.50 per $1,000 principal amount.
Investors had tendered $168,002,000 of the $500 million notes, and the company then accepted all of the notes tendered at or below the purchase price without proration.
TMK is a steel pipe manufacturer based in Moscow.
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