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Promsvyazbank to issue 10½% seven-year dollar notes in exchange offer
By Susanna Moon
Chicago, July 16 – OJSC Promsvyazbank said it will issue 10½% seven-year dollar notes in the exchange offer for its $200 million 12¾% loan participation notes due 2015 and $200 million 11¼% loan participation notes due 2016.
The 12¾% notes were issued as series 3 notes under the $3 billion program for issuing loan participation notes for the purpose of financing loans to Promsvyazbank, and the 11¼% notes were issued as series 4 notes under the program, as previously noted.
In exchange, the company is offering new 10½% dollar-denominated loan participation notes due July 30, 2021, according to a company press release, to be issued as series 9 notes under the program, with settlement set for July 30.
The exchange offer will end at 11 a.m. ET on July 25. The offer began July 14.
The exchange ratio will be 108.5% for the 12¾% notes and 111.5% for the 11¼% notes.
Holders must offer for exchange at least a nominal amount of each note series that would be eligible to receive at least the minimum denomination of $200,000 and in integral multiples of $1,000 after that.
The issuer also will pay accrued interest accrued to but excluding the settlement date.
The dealer managers are Goldman Sachs International (attn: liability management group, 44 0 207 774 4799, or email liabilitymanagement.eu@gs.com), ING Bank NV, London Branch (attn: syndicate desk, 44 20 7767 5107 or email ML-GB-LDN-SYNDICATE@uk.ing.com), Promsvyazbank (attn: financial markets, 7 495 228 3386, 7 495 228 3922, or email fedosenkopn@psbank.ru, krutbv@psbank.ru) or UBS Ltd. (attn: liability management group, 44 0 20 7567 0525, or email mark-t.watkins@ubs.com).
The exchange agent is Lucid Issuer Services Ltd. (44 20 7704 0880, by email promsvyazbank@lucid-is.com or by fax 44 0 7067 9098, attn: Paul Kamminga/Victor Parzyjagla).
Promsvyazbank is a Moscow-based lender.
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