Russia's SIBUR extends offer to purchase three USD bond issues until early Oct

MOSCOW. Sept 15 (Interfax) - Russia's SIBUR petrochemical holding has extended a tender offer to buy back three dollar-denominated bond issues until the beginning of October, the issuer SIBUR Securities DAC said in a statement.

The offer's expiration deadline is extended until October 2 to give bond holders more time to participate in the tender, and the announcement of the results postponed from September 15 to October 3. The settlement period is October 4-18.

SIBUR said on September 1 that it was conducting a new tender offer to buy notes maturing in 2023, 2024 and 2025.

The minimum purchase price for the bonds maturing in 2023 and 2024 is $550 per $1000 of face value, for the bonds maturing in 2025 - $500 per $1000 of face value. The maximum purchase price for 2023 and 2024 bonds is set at $700 per $1000 of face value, for 2025 bonds - $650 per $1000 of face value. The final price will be determined through a modified Dutch auction procedure. The offer has no limit in terms of purchase volume.

Amid the existing restrictions, some bond holders may experience difficulties in gaining access to payments on bonds or repatriation of these funds, and the offer gives investors the opportunity to withdraw from these investments, receiving remuneration, being especially relevant for holders of bonds maturing on October 5, 2023, the company said earlier.

SIBUR has already bought back Eurobonds this year. The terms of the offer published at the end of February were similar to those of the current offer in terms of price. The offer was extended several times due to the need for the company to obtain approval from the government commission on monitoring foreign investments in Russia. In early May, SIBUR announced that the purchase authorization had been received, and the purchase price was set at the maximum possible level for the offer - - $700 per $1000 of face value for 2023 and 2024 bonds, and $650 per $1000 of face value for 2025 bonds.

The company did not disclose the volume of bonds that were purchased under the previous offering. Before the previous offering, according to the company's own data, there were 2023 bonds totaling $162.2 million, 2024 bonds totaling $368.7 million and 2025 bonds totaling $427 million outstanding.