CBOM FINANCE P.L.C. ANNOUNCES OFFERS TO PURCHASE UP TO U.S.$100,000,000 IN PRINCIPAL AMOUNT OF ITS OUTSTANDING LOAN PARTICIPATION NOTES
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
CBOM FINANCE P.L.C. ANNOUNCES OFFERS TO PURCHASE FOR CASH IN A MODIFIED DUTCH AUCTION UP TO U.S.$100,000,000 IN PRINCIPAL AMOUNT OF ITS OUTSTANDING U.S.$600,000,000 7.500% LOAN PARTICIPATION NOTES DUE 2027 AND U.S.$700,000,000 8.875% PERPETUAL CALLABLE LOAN PARTICIPATION NOTES
CBOM Finance p.l.c. (“CBOM”) at the request of CREDIT BANK OF MOSCOW (public joint-stock company) (“CBM”) has today launched offers to holders (the “Noteholders”) (the “Offers”) to submit tenders to sell to CBOM for cash the U.S.$600,000,000 7.500% Loan Participation Notes due 2027 (Regulation S ISIN: XS1589106910, Regulation S Common Code: 158910691; Rule 144A ISIN: US12504PAD24, CUSIP: 12504PAD2) (the “2027 Notes”) and the U.S.$700,000,000 8.875% Perpetual Callable Loan Participation Notes (Regulation S ISIN: XS1601094755, Regulation S Common Code: 160109475; Rule 144A ISIN: US12504PAE07, CUSIP: 12504PAE0) (the “Perpetual Notes” and, together with the 2027 Notes, the “Notes”, and in respect of the Rule 144A Notes of both Series (as defined below), together the “Rule 144A Notes”, and in respect of the Regulation S Notes of both Series, together the “Regulation S Notes”) up to a maximum aggregate principal amount of U.S.$100,000,000 (the “Maximum Tender Amount”) across both Series of Notes combined, subject to the offer and distribution restrictions set out below, and upon the terms and subject to the conditions set forth in an offer to purchase dated 16 July 2018 (as it may be amended or supplemented from time to time, the “Offer to Purchase”) in accordance with a modified “Dutch Auction” procedure for each series of Notes (each, a “Series”).
Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Offer to Purchase. Copies of the Offer to Purchase are available, subject to the offer and distribution restrictions, from the Tender Agent.
Rationale for the Offers
The Offers are being made by CBOM on behalf of CBM in order to decrease the cost of capital and optimise the capital structure of the latter, and provide a degree of liquidity to the Noteholders.
Immediately after the Settlement Date, CBOM intends to (i) cancel the repurchased Rule 144A Notes which were held by the Noteholders via The Depository Trust Company; and (ii) transfer the rest of the repurchased Notes to CBM. CBM intends to hold the rest of the purchased Notes for its own account and may sell or cancel them in the future.
The full text of the Announcement of the Offers is available in the attached file