By Cady Vishniac
Detroit, Nov. 2 – GTLK Europe Capital DAC and guarantors PJSC State Transport Leasing Co. and GTLK Europe DAC have sold $500 million of 4.8% guaranteed notes due 2028 (Ba2//BB+) at 98.49, according to a prospectus.
The notes feature a make-whole call and a par call three months prior to the maturity date.
Bank GPB International SA (Gazprombank), J.P. Morgan Secutities plc, Renaissance Securities (Cyprus) Ltd., PJSC Sovcombank and VTB Capital were joint lead managers and joint bookrunners on the Regulation S issue.
The offer was three times oversubscribed, according to the company.
Proceeds will be used mainly for general corporate purposes, including refinancing outstanding dollar-denominated borrowings, including the funding of a tender offer for the $500 million of 5.95% guaranteed notes due 2021.
The issuer is a wholly owned direct subsidiary of GTLK Europe DAC and is ultimately owned by State Transport Leasing, a Salekhard, Russia-based finance leasing company for aircraft, railway and water transportation sectors.
| Issuer: | GTLK Europe Capital DAC
|
| Guarantor: | PJSC State Transport Leasing Co. and GTLK Europe DAC
|
| Issue: | Guaranteed notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 26, 2028
|
| Bookrunners: | Gazprombank, J.P. Morgan, Renaissance Capital, Sovcombank and VTB Capital
|
| Trustee: | BNY Mellon Corporate Trustee Services Ltd.
|
| Coupon: | 4.8%
|
| Price: | 98.49
|
| Call: | Make-whole call and then par call three months before maturity date
|
| Change of control put: | At par
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 26
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
