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Credit Bank of Moscow gets tenders for $148.77 million via Dutch auction, accepts $55.84 million
By Susanna Moon
Chicago, June 11 CBOM Finance plc obtained tenders for $68,722,000 of its $500 million of 5 7/8% loan participation notes due 2021 and $80,045,000 of its $500 million of 5.55% loan participation notes due 2023.
CBOM accepted for purchase $12,839,000 of 2021 notes and $43,005,000 of 2023 notes, according to the results announced Monday.
As announced May 30, CBOM was tendering for up to $150 million of the two series at the request by Credit Bank of Moscow.
The purchase price for each $1,000 principal amount will be $977.50 for the 5 7/8% notes and $955.00 for the 5.55% notes.
Pricing was to be set by using a modified Dutch auction with a minimum purchase price per $1,000 principal amount of $966.25 for the 5 7/8% notes and $932.50 for the 5.55% notes.
Holders also will receive accrued interest.
After settlement on June 14, there will be $487,161,000 of the 5 7/8% notes left outstanding and $456,995,000 of the 5.55% notes.
The issuer was holding the repurchase offer in order to provide a degree of liquidity to noteholders, the previous release said.
The tender offer ended at 11 a.m. ET on June 8.
After settlement, CBOM plans to sell the purchased notes to Credit Bank of Moscow, which will hold the notes and may sell them in the future, the release noted.
The joint dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) and Sova Capital Ltd. (+44 20 7826 8200 or cmo@sovacapital.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, mkb@lucid-is.com or lucid-is.com/cbom).
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