Russia’s Sovcomflot sets roadshow for benchmark dollar notes

By Christine Van Dusen

Atlanta, June 1 – Russia’s PAO Sovcomflot will set out on Thursday for a roadshow to market a dollar-denominated offering of benchmark-sized notes alongside a tender offer, a market source said.

Citigroup and JPMorgan are the joint global coordinators and joint lead managers and bookrunners. ING, Sberbank CIB and VTB Capital are joint lead managers and bookrunners for the Rule 144A and Regulation S deal.

The roadshow will begin in London and travel to Moscow, New York and Boston before concluding on June 8 in Zurich.

SCF Capital Ltd. began a tender offer for its $800 million 5 3/8% notes due 2017 guaranteed by PAO Sovcomflot.

The purchase price will be $1,041.25 for each $1,000 principal amount plus accrued interest.

The tender will run until 7 a.m. ET on June 9, with settlement set for June 17.

The issuer is making the offering in order to acquire some of the outstanding notes that would be funded by the issue of new notes with the effect of extending the maturity profile of a portion of the company’s debt, according to a company announcement.

Sovcomflot is a maritime shipping company based in St. Petersburg, Russia.

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