Saturday, June 23, 2018

TMK to redeem bonds, plus 5.25 percent coupon

TMK recently said it will redeem convertible bonds that mature this year, at a coupon rate of 5.25 percent.

TMK is one of the world's leading pipe manufacturers for the gas and oil industry.

TMK will use funds raised from financing and operating activities to redeem the bonds, as well as a loan from a top commercial bank in Russia. The loan will last for the next four years.

The redemption only applies to bonds that convert to Global Depository Receipts (GDR) of TMK. Each bond equals four ordinary TMK shares.

TMK does not intend to offer the 17,876,489 GDRs to the public. This amount represents 71,505,956 normal TMK shares, or 7.21 percent of TMK’s overall share capital.

Instead, TMK will use the bonds as treasury shares and will not have any foreseeable international public debt between now and 2018.

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TMK Group

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