Sibur must seek government OK to close tender offer, extends deadline

By Mary-Katherine Stinson

Lexington, Ky., March 10 – Sibur International GmbH has extended its tender offer for three series of notes in response to a presidential decree requiring the company to seek approval from the governmental commission before consummating the deal, according to a notice.

On March 3, presidential decree No. 138 was issued requiring offshore eurobond tender offers in which the eurobonds are held through foreign clearing and settlement infrastructure, tender offers made by a Russian legal entity or any of its subsidiaries and tender offers settled through accounts with foreign financial institutions to be approved by the Governmental Commission on Control for Effectuation of Foreign Investments in the Russian Federation.

The tender offer has now been extended to 11 a.m. ET on April 7. It was originally set to expire at 11 a.m. ET on March 10.

Results including purchase price and final acceptance amount will now be announced on or about April 11.

Accordingly, settlement will occur between April 12 and May 12. It was originally scheduled to occur between March 14 and March 31.

As previously reported, the company launched the invitation on Feb. 20 to holders of three series of notes issued by Sibur Securities DAC and guaranteed by PJSC Sibur Holding to tender their notes for purchase for cash.

Sibur is offering to purchase any and all of the following notes:

• $500 million 4 1/8% guaranteed notes due 2023 (ISIN: XS1693971043, US825795AA56), $162.16 million of which is outstanding;

• $500 million 3.45% guaranteed notes due 2024 (ISIN: XS2010044621, US825795AB30), $368,668,000 of which is outstanding; and

• $500 million 2.95% guaranteed notes due 2025 (ISIN: XS2199713384, US825795AC13), $427 million of which is outstanding.

The purchase price will be determined under a modified Dutch auction procedure. The minimum purchase price is $550 for the 2023 and 2024 notes and $500 for the 2025 notes. The maximum purchase price is $700 for the 2023 and 2024 notes and $650 for the 2025 notes. The actual purchase prices will be determined after the expiration of the offer.

The company will also pay accrued interest.

The tender agent is i2 Capital Markets Ltd. (+44 20 3633 1212; sibur@i2capmark.com; https://i2capmark.com/event-details/83/Holder/sibur-tender-offer).

Sibur is an integrated petrochemicals company based in Moscow.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.