Russia’s Metalloinvest tenders for $1 billion 5 5/8% notes due 2020

By Susanna Moon

Chicago, April 13 – Metalloinvest Finance DAC began a tender offer for its $1 billion of outstanding 5 5/8% guaranteed notes due 2020.

The purchase price will be $1,065 for each $1,000 principal amount plus accrued interest to but excluding the settlement date of May 5.

The tender will run until 7 a.m. ET on April 24.

Metalloinvest is offering to purchase the notes to extend the maturity profile of some of the group's debt and to “optimize” the use of its cash and cash equivalents, according to a company announcement.

The tender is contingent on the issue of new notes, which is expected to be price on April 24 and settle on May 2.

Holders who tender their notes for cash and also subscribe for the new issue may apply for an allocation identifier code and be given priority although that cannot be assured, the company noted.

Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com), ING Bank NV, London Branch (+44 20 7767 5107 or liability.management@uk.ing.com), Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), JSC Sberbank CIB (+7 495 787 2363 or liability_management@sberbank-cib.ru), SIB (Cyprus) Ltd. (+357 22 419000), Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) and VTB Capital plc (+44 203 334 8029 or liability.management@vtbcapital.com) are the joint dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or metalloinvest@lucid-is.com).

The issuer is a Moscow-based mining and metallurgy company.

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