| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for PAO TMK > News item |
Russia’s TMK looks to amend $500 million of 6¾% notes due 2020
By Susanna Moon
Chicago, Oct. 25 – PAO TMK said it is asking holders for approval to amend the $500 million 6¾% loan participation notes due 2020 issued by TMK Capital SA.
TMK will propose modifications to the loan agreement and the deed of loan guarantee for the notes, including the release of Ipsco Tubulars Inc. from obligations under its guarantee, according to a company announcement.
The notes were issued for the purpose of financing a loan to PAO TMK, according to a separate notice.
“TMK continues to consider a range of strategic alternatives for Ipsco Tubulars Inc., and the modifications, if implemented, will allow TMK the flexibility to pursue the optimal strategy for the group to maximize the value of its holding in Ipsco Tubulars Inc.,” the company said.
The company said it plans to use most of the proceeds from any “strategic alternative” to repay debt that ranks pari passu or senior to the notes.
Holders who vote in favor of the proposal will receive a consent fee of $6.25 per $1,000 principal amount.
The early consent deadline is 11 a.m. ET on Nov. 7 and the solicitation ends at 6 a.m. ET on Nov. 14. A meeting will be held at 6 a.m. ET on Nov. 14.
TMK will only pay the consent fee to holders who deliver consents before the early deadline.
The solicitation agents are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) and VTB Capital plc (+44 20 3334 8118 or liability.management@vtbcapital.com).
The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or tmk@lucid-is.com).
TMK is a steel pipe manufacturer based in Moscow.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.