Novolipetsk Steel gives results of tenders for 4½%, 4% notes due 2023, 2024

By Rebecca Melvin

Concord, May 25 – Russia’s Novolipetsk Steel (NLMK) said its Steel Funding DAC subsidiary accepted tenders for a total of $470,568,000 of its 4½% loan participation notes due 2023 and 4% loan participation notes due 2024.

Specifically, holders tendered $266,391,000 of the $700 million outstanding 4½% notes and $204,177,000 of the $500 million outstanding 4% notes, according to an announcement.

Following settlement of the May 17 tender offer, $433,609,000 of the 4½% notes and $295,823,000 of the 4% notes will remain outstanding.

The purchase price is $1,073 per $1,000 principal amount of the 2023 notes and $1,083 per $1,000 principal amount of the 2024 notes, plus accrued interest.

The settlement date is expected to take place on June 4.

The steel company is based in Lipetsk, Russia.

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