Sibur takes in tenders for $190 million 3.914% notes at 101.75

By Susanna Moon

Chicago, Dec. 12 – Russia’s Sibur Securities DAC said it accepted tenders for $190,025,000 of its $806.2 million outstanding 3.914% notes due 2018 guaranteed by PJSC Sibur Holdings.

The tender offer ended at 11 a.m. ET on Dec. 9.

Sibur accepted all of the notes tendered at the price of $1,017.50 per $1,000 principal amount and none of the competitive offers above the purchase price, according to a company notice.

After settlement on Dec. 15, there will be $616,175,000 of the notes left outstanding.

The company also will pay accrued interest.

Sibur was offering to purchase up to $250 million of the notes using a modified Dutch auction with a minimum price of $1,012.50 per $1,000 principal amount, according to a company announcement Dec. 1.

The company previously said it was “seeking opportunities to utilize its liquidity to optimize its liability portfolio.”

The dealer managers are ING Bank NV, London Branch (+44 20 7767 5107 or liability.management@uk.ing.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, David Shilson/Arlind Bytyqi, or sibur@lucid-is.com).

The offer began Dec. 1, on the heels of a tender that ran until 11 a.m. ET on Sept. 5. In that tender, holders had tendered $193.8 million of the $1 billion of 3.914% notes at a purchase price of par.

Sibur Securities DAC is a gas processing and petrochemicals company based in Dublin. Sibur is a petrochemical company based in Moscow.

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