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Published on 4/24/2017 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Russia’s Metalloinvest gets tenders for $667.27 million 5 5/8% notes

By Angela McDaniels

Tacoma, Wash., April 24 – Metalloinvest Finance DAC received tenders for $667,271,000 of its $1 billion 5 5/8% guaranteed notes due 2020 and intends to accept all of the tendered notes for purchase, according to a filing with the London Stock Exchange.

The acceptance of the tendered notes is subject to, among other things, the financing condition being satisfied. The company expected to price an issue of new notes on April 24 and to settle the new notes on May 2.

The company expects to publish the final results of the tender offer on April 25 and to settle the tender offer on May 5.

The purchase price will be $1,065 for each $1,000 principal amount plus accrued interest up to but excluding the settlement date.

The tender offer began April 13 and ended at 7 a.m. ET on April 24.

Metalloinvest offered to purchase the notes to extend the maturity profile of some of the group's debt and to “optimize” the use of its cash and cash equivalents, according to a company announcement.

The joint dealer managers are Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com), ING Bank NV, London Branch (+44 20 7767 5107 or liability.management@uk.ing.com), Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), JSC Sberbank CIB (+7 495 787 2363 or liability_management@sberbank-cib.ru), SIB (Cyprus) Ltd. (+357 22 419000), Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) and VTB Capital plc (+44 203 334 8029 or liability.management@vtbcapital.com).

The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or metalloinvest@lucid-is.com).

The issuer is a Moscow-based mining and metallurgy company.


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