Black Sea Trade ups offer to accept $137.5 million of notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., June 27 – Black Sea Trade and Development Bank upped the target acceptance amount in its tender offer for its outstanding $550 million 3.5% notes due 2024 (ISIN: XS2018639539), according to a news release.

The bank will accept for purchase $137.5 million of 3.5% notes tendered after applying a proration factor of 61.6079%. When the tender offer was announced, the bank had originally intended to purchase up to $125 million of the notes.

As previously reported, the bank offered to purchase the notes at $957.50 per $1,000 principal amount. The company will also pay accrued interest equaling $0.39 per each $1,000 of principal.

The offer began on June 19 and expired at 11 a.m. ET on June 26.

Settlement is expected to be June 29. Repurchased notes will be canceled.

The issuer said the purpose of the offer was to proactively manage its overall debt redemptions and liability profile.

Societe Generale is dealer manager for the tender offer, and D.F. King Ltd. is information and tender agent (https://www.dfkingltd.com/black- sea-trade-and-development-bank).

After settlement, $412.5 million of the notes will remain outstanding.

The financial and development institution is based in Thessaloniki, Greece.

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