Mongolian Mortgage sees early tenders for $193.05 million 9¾% notes

By Marisa Wong

Los Angeles, Feb. 8 – Mongolian Mortgage Corp. HFC LLC announced the early tender results of its offer to repurchase for cash any and all of its $280.68 million outstanding of 9¾% senior notes due 2022 (Cusip: Y6142GAA1, 60938EAA8) guaranteed by MIK Holding JSC.

As of 5 p.m. ET on Feb. 5, the extended early tender deadline, holders had tendered $193,049,000, or 68.78%, of the outstanding notes. The early tender deadline was originally 5 p.m. ET on Feb. 1.

The company said it has decided to accept for purchase all of the early tendered notes.

The early tender consideration of $1,020 per $1,000 principal amount will be paid on Feb. 9.

The offer now expires at 11:59 p.m. ET on Feb. 22, extended from 11:59 p.m. ET on Feb. 16.

Tenders may no longer be withdrawn.

Holders tendering after the early tender deadline will only be eligible to receive $1,000 per $1,000 principal amount.

As announced on Jan. 18, the tender offer is conditioned on, among other things, the completion of a concurrent offering of new notes.

The company priced $250 million of 8.85% notes due 2024 and expects to settle the new notes on Monday, according to a separate announcement.

The dealer manager of the tender offer is Credit Suisse (Singapore) Ltd. (+852 2 101 7700, list.hkdcmsyndicate@credit-suisse.com).

The information and tender agent is Morrow Sodali Ltd. (+44 20 8089 3287, 203 609-4910, +852 2 319 4130).

Based in Ulaanbaatar, Mongolia, Mongolian Mortgage issues mortgage-backed securities. The company is a subsidiary of Mongolian Mortgage Corp. Holdings JSC.

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