By Susanna Moon
Chicago, July 28 – OJSC Promsvyazbank said investors had tendered for exchange $19,511,000 of its 12¾% loan participation notes due 2015 and $10,948,000 of its 11¼% loan participation notes due 2016.
In exchange, the bank will issue $33,367,000 of 10½% seven-year dollar notes, according to a press release.
The bank said it also will issue $300 million of new notes for cash.
As previously announced, 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.
In exchange, the company was offering new 10½% dollar-denominated loan participation notes due July 30, 2021 to be issued as series 9 notes under the program, with settlement set for July 30.
The exchange offer ended at 11 a.m. ET on July 25. The offer began July 14.
The exchange ratio was 108.5% for the 12¾% notes and 111.5% for the 11¼% notes.
The issuer also will pay accrued interest accrued to but excluding the settlement date.
Holders needed to offer for exchange at least a nominal amount of each note series that would be eligible to receive the minimum denomination of $200,000 and in integral multiples of $1,000 after that.
The dealer managers were 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 was 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.
New Notes
| Issuer: | OJSC Promsvyazbank
|
| Issue: | Dollar notes
|
| Amount: | $33,367,000
|
| Maturity: | July 30, 2021
|
| Coupon: | 10½%
|
| Settlement date: | July 30
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
