Russia’s Promsvyazbank may issue notes alongside exchange offer

By Christine Van Dusen

Atlanta, July 14 – Russia’s Promsvyazbank could issue dollar-denominated notes due 2021 in parallel with an exchange offer, according to an announcement from the Moscow-based lender.

Goldman Sachs, ING Bank and Promsvyazbank are the dealer-managers.

The bank announced an exchange offer on Monday for its $200 million of 12¾% loan participation notes due 2015 and $200 million 11¼% loan participation notes due 2016.

Investors who participate will receive new loan participation notes due 2021.

Promsvyazbank said it may also issue additional notes beyond those that will be issued in the exchange.

The notes are expected to settle on or near July 30.

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