CREDIT BANK OF MOSCOW announces results of invitation for offers to sell its loan participation notes

11.06.2018

On 11 June 2018, CREDIT BANK OF MOSCOW announced the results of the invitation launched by CBOM Finance p.l.c. at its request for offers to sell loan participation notes of its two 5-year issues due in 2021 and 2023 in aggregate outstanding principal amount of US$1,000,000,000.

On 30 May 2018, the Bank announced its willingness to purchase for cash the aforesaid notes up to a maximum aggregate principal amount of U.S.$150,000,000 in order to provide a degree of liquidity to Noteholders.

Investors tendered 15% of the aggregate principal amount, mostly at or above par. The Bank purchased 37% of the total amount of tendered notes at a 2-2.5% premium to the current market price.

"The Bank has traditionally been proactive in capital markets and transparent financially and informationally, which was rewarded by the minimal amounts tendered. The offers did not exceed 15% of the aggregate debt, and the Bank accepted all of those which were in line with a market price. Such results confirm that we have chosen the right strategy, so we are going to remain as open as possible in our relations with investors," commented Vladimir Chubar, Chairman of the Management Board.

US$12,839,000 of loan participation notes due 2021 was accepted for purchase (20% of the tendered volume). More than 75% of notes were tendered at or above par.

Regulation S ISIN: XS1510534677

Coupon rate: 5.875%

Purchase price: 977.50

Accepted for purchase: 12,839,000 US dollars

US$43,005,000 of loan participation notes due 2023 was accepted for purchase (54% of the tendered volume). The eventual premium to the initially announced price exceeded 2%.

Regulation S ISIN: XS1759801720

Coupon rate: 5.550%

Purchase price: 955.00

Accepted for purchase: 43,005,000 US dollars

The Bank does not currently intend to cancel any purchased notes.