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CREDIT BANK OF MOSCOW announces tender results

27.08.2018

CREDIT BANK OF MOSCOW (the “Bank”) announces tender results in respect of two Eurobond issues by CBOM Finance p.l.c. (the “Issuer”): 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. The notes were issued in 2017 for the purposes of financing subordinated loans for the Bank. Tender offers were launched to noteholders on 16 July 2018 in order to decrease the Bank’s cost of capital, optimise its capital structure and provide a degree of liquidity to noteholders.

The Bank announced initially its willingness to repurchase up to U.S.$100,000,000 in aggregate principal amount of the notes. However, on 10 August 2018, due to the market volatility, the tender terms were amended and the initial maximum tender amount was decreased to U.S.$50,000,000 in aggregate principal amount across both series of notes combined. The notes tendered at or prior to the early tender time and not validly withdrawn, will be accepted for purchase in priority (subject to pro-ration) and no notes tendered after will be accepted for purchase.

Description of the Notes Regulation S ISIN/Common Code Rule 144A ISIN/CUSIP Outstanding Principal Amount on Launch of the Offers Clearing Premium Total Consideration(1) Aggregate Principal Amount of Notes Accepted for Purchase
U.S.$600,000,000 7.500% Loan Participation Notes due 2027 XS1589106910 / 158910691 US12504PAD24 / 12504PAD2 U.S.$600 000 000 U.S.$0.00 U.S.$860.00 U.S.$21,328,000.00
U.S.$700,000,000 8.875% Perpetual Callable Loan Participation Notes XS1601094755 / 160109475 US12504PAE07 / 12504PAE0 U.S.$700 000 000 U.S.$0.00 U.S.$860.00 U.S.$28,672,000.00

(1) Per U.S.$1,000 in principal amount of notes validly tendered at or prior to the Early Tender Time and not validly withdrawn. Includes the early tender premium. Does not include Accrued Interest (as defined in the Offer to Purchase), which will be paid on notes accepted for purchase.

As previously reported, the Bank plans to apply any surplus liquidity unutilised in the tender to support its debt instruments in the secondary market.

Noteholders whose notes have been accepted for purchase will be paid their consideration and accrued interest on 29 August 2018.

The full text of the announcement of the tender results can be found here.