Vostok calls SEK 850 million of bonds due 2020, 2022, gets waivers

By Susanna Moon

Chicago, Jan. 29 – Vostok New Ventures Ltd. issued a call for its SEK 450 million of senior callable fixed rate bonds 2017/2020 and its SEK 400 million of senior callable fixed rate bonds 2018/2022.

The notes due 2020 were issued by Vostok on June 22, 2017 and will be redeemed on Feb. 21 at 102.75% of par plus accrued interest. Holders must be registered as owners at the end of business on Feb. 14, according to a notice by the issuer.

For the notes due 2022, issued on June 14, 2018, the early redemption date will be Feb. 21 and the redemption price will be 102% plus accrued interest, according to a separate notice.

For each of the issues, the agent approved a waiver request from the issuer for the sale of its Avito portfolio assets for about $537 million and to approve a distribution of about $236 million to its shareholders at a meeting, which is expected to be held Feb. 14, according to two separate notices by Nordic Trustee & Agency AB (publ) as agent.

The distribution will be made through a share split and redemption program, without being in technical default under the terms, the trustee noted.

The distribution is expected to be settled on March 14.

The redemption will be financed with proceeds from the transaction, the release noted.

The issuer is a Stockholm-based investment company.

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