FESCO announces the start of book building for Rouble Bonds series BO-02 buyback.
The period when Rouble Bonds series BO-02 holders can deliver a written notice of their intent to sell a certain number of their Rouble Bonds to FESCO starts on April 15, 2015 at 10:00 a.m. Moscow time and ends on April 16, 2015 at 6:00 p.m. Moscow time. The buyback date is April 17, 2015.
In accordance with the public offer terms and conditions, FESCO undertakes to repurchase up to 4,000,000 Rouble Bonds series BO-02 at a fixed price of 80% of their par value. The Rouble Bonds repurchased by FESCO under the public offer will be cancelled on repurchase.
Vneshprombank LLC is acting as the repurchase agent. The notice delivery procedure is described in the Public Offer terms and conditions https://www.fesco.ru/investor/documents/reportfacts/
The total par value of Rouble Bonds series BO-02 placed in June 2013 is 5 billion Roubles. On March 31, 2015, FESCO announced its intention to exercise a partial repurchase of these bonds. The buyback was initiated by the Company to take advantage of the current market conditions to minimize investor risks, reduce leverage, and maximize shareholder value.