Russia’s Metalloinvest receives tenders for 93.26% of 4.85% notes

Chicago, Nov. 8 – Metalloinvest Finance DAC announced the final results of its tender offer for its $800 million 4.85% notes due 2024 (ISIN: XS1603335610), according to an announcement.

The company received tenders for $746,046,000, or 93.26% of the notes, by the deadline at 5 a.m. ET on Oct. 27.

The company was offering to pay a total of $1,090 per $1,000 note, inclusive of a $30 early tender premium for noteholders who tendered their notes by the early deadline at 5 a.m. ET on Oct. 12.

Accrued interest was also paid.

The company was also soliciting consents for an extraordinary resolution to allow it to conduct a mandatory early redemption of the notes.

Tendering noteholders automatically submitted a consent to the extraordinary resolution.

However, noteholders could submit consents without tendering their notes.

Noteholders who consented by the early consent deadline received an early consent fee of $30 per $1,000 note.

Noteholders submitted consent instructions for $17.65 million principal amount of notes. With the tendered notes, this meant the company received votes in favor for the proposals from noteholders representing 95.46% of the notes.

The results at the early deadline for both the tender offer and the consent solicitation were the same as at the final deadline.

The company needed a quorum from noteholders representing at least two-thirds of the notes.

The extraordinary resolution was duly passed at the meeting on Oct. 29.

The tender offer was subject to a financing condition which was satisfied. Metalloinvest sold $650 million of new 3 3/8% notes due 2028 on Oct. 22.

Tendering noteholders were able to express interest in the new offer for priority allocation in the new notes.

The supplemental trust deed was implemented on Oct. 29.

All of the remaining notes after the tender offer were scheduled to be redeemed at $1,060 per $1,000 notes on Nov. 5.

The tender offer also settled on Nov. 5.

The solicitation agents and dealer managers for the offer were Bank GPB International SA (Gazprombank) (+7 499 271 9154, +7 495 988 2353, Liability.management@gazprombank.ru), Deutsche Bank AG (+44 20 7545 8011), Intesa Sanpaolo SpA (+39 02 7261 4704/4778, IMI-Liability.Management@intesasanpaolo.com), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com), JSC Sberbank CIB/Sberbank CIB (UK) Ltd. (+7 495 787 2363, liability_management@sberbank-cib.ru), Societe Generale (+33 1 42 13 32 40, liability.mangement@sgcib.com), UBS AG London Branch (+44 20 7568 1121, ol-liabilitymangement-eu@ubs.com), UniCredit Bank AG (+39 02 8862 0581, +49 89 378 13722) and VTB Capital plc (+44 203 334 8029, liability.management@vtbcapital.com).

Lucid Issuer Services Ltd. is the tabulation and tender agent (+44 207 704 0880, metalloinvest@lucid-is.com).

Metalloinvest is a subsidiary of JSC Holding Co. Metalloinvest, a Moscow-based mining and metallurgy company.

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