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Russia’s Severstal increases price on offer for $600 million of notes
New York, Feb. 2 – PAO Severstal, previously known as OAO Severstal, said Steel Capital SA has increased the price it will pay in its tender offers for up to $600 million of two series of its notes.
The company is now offering $1,000 per $1,000 principal amount of its 6¼% loan participation notes due 2016 and $975 per $1,000 principal amount of its 6.7% loan participation notes due 2017.
No other changes were made.
Severstal previously announced on Jan. 20 that it had extended the expiration of the tender to 11 a.m. ET on Feb. 4 from 11 a.m. ET on Jan. 21.
The offer began on Jan 14 when Severstal said it would buy up to $600 million of the $500 million of 6¼% notes and $1 billion of 6.7% notes.
The notes were issued by Steel Capital.
The minimum denomination is $200,000 for the 6¼% notes and $100,000 for the 6.7% notes.
The tender offers allow Severstal to acquire some of its outstanding notes, which reflects Severstal’s “robust liquidity position” and is consistent with its liability management objectives, according to a company press release.
The offers also provide an opportunity to noteholders to gain some liquidity for their notes, the release noted.
The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969, attn: liability management group, e-mail: liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468, attn: liability management, e-mail: em_europe_lm@jpmorgan.com).
The tender agent is Citibank NA (+44 207 508 3867, attn: exchange team - agency and trust, e-mail: exchange.gats@citi.com).
Severstal is a steel and mining company based in Cherepovets, Russia. Steel Capital is a special-purpose vehicle established for the purpose of issuing debt instruments for financing loans to Severstal.
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