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Locko-Bank announced buy-back offer of BO-02 bonds on an amount of 4 billion rubles

14 дек. 2015 г.

On 11th of December 2015 Board of Directors of LOCKO-Bank decided to buy-back the bonds BO-02 with a maturity in February 2016 (state registration number 4В020202707В from 14th of January 2011).

Placement of inconvertible listed BO-02 bonds of LOCKO was held in February 14, 2013 in the amount of 4 million shares with a nominal value of 1 000 rubles each and in the total amount of 4 billion rubles. The interest rate for 1st and 2nd coupons was determined at 10,40% per annum at the placement of bonds, the rate for 3rd and 4th coupons was 10,25% p.a. and for 5th and 6th the rate was at 17% per annum.

Within public irrevocable offer the issuer is obliged to buy back up to 4 million shares at par value. The bookbuilding period will end at December 28, 2015. The buy-back will be executed on December 29, 2015. The issue (or Locko-Bank) will act as an agent on a put option on Series BO-02 bonds.

“Due to Bank’s excess liquidity and for the purpose of optimization of the liabilities structure management of the Bank made a decision to buy-back Locko-Bank’s bonds. This step will allow the Bank primarily to abate debt servicing cost, and secondly, become an excellent offer for bondholder on the New Year eve. In our work we always try to meet the needs of our investors, offering the most favorable and comfortable conditions” "- commented Pavel Voznesensky, Deputy Chairman of the Executive Board.

Currently there are four outstanding bond issues of LOCKO-Bank in the market totaling 14 billion rubles.