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Sibur to buy back part of $500 mln Eurobonds for the sum of $192 mln

According to the company, most of the tendered Eurobond notes came from Russian holders

MOSCOW, October 17. /TASS/. Russia’s largest integrated petrochemicals company Sibur announced the successful completion of the tender offer announced on October 9 to purchase part of the $500 mln Eurobonds issued in October 2017 and maturing in 2023 with a coupon rate of 4.125% per annum, the company said in a press release on Wednesday.

"As part of the offer, the company accepted for purchase an aggregate principal amount of Eurobonds equal to $192,023,000 at a price of 97.4% of the par value. The buyback price was set at a premium to the notes’ market price as at the time of the tender offer announcement," the company said in the press release.

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Chinese investors close deal on acquisition of 10% stake in Russia’s Sibur — source

According to the company, most of the tendered Eurobond notes came from Russian holders. The company used excess liquidity coming from its steadily growing cash flow to finance the transaction.

"We are well positioned to manage the Company’s debt and efficiently deploy available liquidity thanks to Sibur’s stable operating cash flow generation and access to long-term financing, which secures financing of the ZapSibNeftekhim construction project," Alexander Petrov, member of the Management Board and Managing Director for Economics and Finance, said as quoted by the press release.

Citigroup Global Markets Limited and J.P. Morgan Securities PLC acted as dealer managers under the transaction. The buyback is performed by Sibur Securities DAC, which a subsidiary of Sibur. Settlement is expected to take place on 19 October 2018.

Sibur is a vertically integrated gas processing and petrochemical company operating on 26 production sites located in various regions of the Russian Federation. Sibur sells products to more than 1,400 consumers in the fuel and energy complex, automotive, construction, consumer goods, chemical and other industries in 75 countries.

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