CREDIT BANK OF MOSCOW Announces Amendments to the Terms of the Tender Offer

10.08.2018

The Bank has decided to decrease the amount of tender offers in respect of the U.S.$600,000,000 7.500% Loan Participation Notes due 2027 and the U.S.$700,000,000 8.875% Perpetual Callable Loan Participation Notes to U.S.$50,000,000.

The previously announced tender offer price range remains unchanged: the total consideration per U.S.$1,000 in principal amount of notes of both issues ranges from U.S.$860.00 to U.S.$910.00. The notes tendered at or prior to the early tender time and not validly withdrawn will be accepted for purchase in priority to notes tendered after the early tender time.

The decision to amend the terms is driven by current volatility in the Russian financial markets.

"Although the market prices of the tendered Eurobond issues have fallen by more than 10% and as the market volatility has risen, we have decided to fulfil investors' orders at the old price thus giving them  favourable conditions for sale in the current market, albeit in a lesser volume. At the same time, the liquidity we initially planned to use for the buyback will be applied to maintain the Bank's debt instruments in the market," – commented Vladimir Chubar, Chairman of the Management Board.

Due to the amendment to the terms of the tender offers,  the expiration date of the offers will be extended and will finally expire at 5:00 p.m. New York City time (10:00 p.m. London time) on 24 August 2018. Noteholders have the right to withdraw tendered notes by 6:00 p.m. New City York time (11:00 p.m. London time), on 14 August 2018

The full text of the announcement of amendments to the terms of the tender offer can be found here.