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Borets offers to purchase some 6% notes due 2026 for $50 million
By Marisa Wong
Los Angeles, May 24 – Borets Holding Co. Ltd. is inviting holders of the outstanding 6% guaranteed notes due 2026 (ISIN: XS2230649225, US09973BAB53) issued by Borets Finance DAC to tender their notes for purchase for cash, subject to a maximum consideration of $50 million, according to a notice.
The notes are guaranteed by Levare International Ltd., OOO Proizvodstvennaya Kompaniya Borets, OOO Lemaz, OOO Lysvaneftemash, OOO Oskolneftemash, Borets International FZE, Borets Seven Seas LLC, Levare U.S., Inc. and OOO Borets Muravlenko.
Of the original $350 million principal amount, $103.8 million remains outstanding.
The purchase price will be determined under a modified Dutch auction procedure. For each $1,000 principal amount, the minimum purchase price is $637.50, and the maximum price is $737.50.
The total consideration will include an early tender premium of $12.50 per $1,000 of notes tendered by the early tender deadline.
The maximum consideration does not include any accrued interest, which will also be paid.
The company noted that settlement of the offer and purchase of the notes will be conducted only for the Regulation S notes (ISIN: XS2230649225). Holders of the Rule 144A notes (ISIN: US09973BAB53) will be required to take additional action for purposes of settlement.
The early tender deadline is 11 a.m. ET on June 8. Early tender results will be announced soon after the deadline.
The offer expires at 11 a.m. ET on June 26.
Preliminary results will be announced on June 27.
Settlement will occur over a period of 14 calendar days beginning on the date immediately after final results are announced.
i2 Capital Markets Ltd. (+44 203 633 1212; boretstender@i2capmark.com; https://i2capmark.com/event-details/89/Holder/borets-tender-offer) is the tender agent.
Russia-focused Borets Finance is a subsidiary of Borets International Ltd., which makes electrical submersible pumps for the oil and gas industry and has its global headquarters in Dubai.
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