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Prospect News home > News index > List of issuers N > Headlines for Novolipetsk Steel OJSC > News item
Published on 9/14/2017 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Russia’s Novolipetsk Steel wraps tenders for 4.45%, 4.95% notes

By Susanna Moon

Chicago, Sept. 14 – Novolipetsk Steel said investors had tendered $252,014,000 of the 4.45% loan participation notes due 2018 and $65,371,000 of the 4.95% loan participation notes due 2019.

After settlement, $144,145,000 principal amount of the 2018 notes and $145,738,000 principal amount of the 2019 notes will remain outstanding, according to a company update on Thursday.

The financing condition is expected to be met, the company added.

As announced Sept. 5, Steel Funding DAC was tendering for its $396,159,000 principal amount of outstanding 4.45% notes and $500 million 4.95% notes. Steel Funding is a special purpose vehicle established for the purpose of issuing debt instruments for financing loans to NLMK Group.

The purchase price for each $1,000 principal amount is $1,017.50 for the 4.45% notes due 2018 and $1,053.75 for the 4.95% notes.

Holders also will receive accrued interest to but excluding the settlement date.

The tender offers ended at 1 p.m. ET on Sept. 13, with settlement following on Sept. 26.

The offers will be funded with proceeds of a new series of loan participation notes.

ING Bank NV, London Branch (+31 20 563 8017 or liability.management@uk.ing.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com), Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the dealer managers.

D.F. King Ltd. (800 820-2412, +852 3953 7230, +44 20 7920 9700, 212 269-5550, nlmk@dfkingltd.com or sites.dfkingltd.com/nlmk) is the information and tender agent.

NLMK is based in Lipetsk, Russia.


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