Russia’s Novolipetsk Steel tenders for 4.45% notes and 4.95% notes

By Susanna Moon

Chicago, Sept. 5 – Novolipetsk Steel said that Steel Funding DAC is tendering for its $396,159,000 principal amount of outstanding 4.45% loan participation notes due 2018 and $500 million 4.95% loan participation notes due 2019.

The purchase price for each $1,000 principal amount is $1,017.50 for the 4.45% notes due 2018 and $1,053.75 for the 4.95% notes.

Holders also will receive accrued interest to but excluding the settlement date.

The tender offers will end at 1 p.m. ET on Sept. 13, with settlement following on Sept. 26.

Steel is holding the offers to acquire the notes and at the same time issue new notes, which “would have the effect of extending the maturity profile of a portion of NLMK's debt,” according to a company announcement.

Steel Funding is a special purpose vehicle established for the purpose of issuing debt instruments for financing loans to NLMK Group.

The offers will be funded with proceeds of a new series of loan participation notes.

The issuer of the new notes will consider whether or not a noteholder seeking allocation of the new issue has tendered or intends to tender their notes in the offers as well as the amount, the release noted.

ING Bank NV, London Branch (+31 20 563 8017 or liability.management@uk.ing.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com), Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the dealer managers.

D.F. King Ltd. (800 820-2412, +852 3953 7230, +44 20 7920 9700, 212 269-5550, nlmk@dfkingltd.com or sites.dfkingltd.com/nlmk) is the information and tender agent.

NLMK is based in Lipetsk, Russia.

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