Russian Standard tenders for 7½%, 8.485% loan participation notes

By Jennifer Chiou

New York, June 10 - Russian Standard Bank announced the start of an offer for up to $175 million of the original $500 million of issued 7½% loan participation notes due 2010 and original $400 million of 8.485% loan participation notes due 2010 of Russian Standard Finance SA in a modified Dutch auction.

There is $471.63 million of the 7½% notes outstanding and $387.27 million of the 8.485% notes outstanding.

For each $1,000 principal amount, the minimum purchase amount is $920 for the 8.485% notes and $875 for the 7½% notes. Tendering holders will also receive accrued interest to the settlement date.

The bank said it is looking to optimize its liability portfolio and reduce the cost of its debt, adding that it plans to use available cash for the offer.

Any purchased notes will be canceled.

The offer ends at 11 a.m. ET on June 18. Settlement is slated for June 24.

Citigroup Global Markets Ltd. is the dealer manager (44 20 7986 8969). Citibank, NA is the tender agent (44 20 7508 3775).

Russian Standard Bank is a Moscow-based retail bank.

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