Russia’s Novolipetsk tenders for up to $100 million 4.45%, 4.95% notes

By Jennifer Chiou

New York, July 8 – Steel Funding Ltd. is tendering for up to $100 million total of its $800 million of outstanding 4.45% loan participation notes due 2018 and its $500 million of 4.95% loan participation notes due 2019, according to a filing with the London Stock Exchange.

Steel Funding is a special-purpose financing vehicle of Novolipetsk Steel OJSC, a steel company based in Lipetsk, Russia.

The modified Dutch auction will end at 11 a.m. ET on July 15.

The minimum purchase price will be $1,002.50 per $1,000 principal amount of 4.45% notes and $1,000 per $1,000 principal amount of 4.95% notes.

Steel Funding said that the aim of the offer is to enable Novolipetsk to reduce its debt level. All notes purchased under the offer will be canceled, and a corresponding portion of the principal amount of the relevant loan to Novolipetsk will be deemed repaid.

The results and purchase prices will be announced on July 16, and settlement is anticipated on July 18.

The dealer manager is J.P. Morgan Securities plc (44 20 7134-3414 or emea_lm@jpmorgan.com). The tender agent is D.F. King (Europe) (44 20 7920-9700 or nlmk@king-worldwide.com).

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