PAO Credit Bank of Moscow released results of its tender offers to purchase up to $50 million from two series of notes with a total face value of $1.3 billion.
A total of $21.3 million tendered from a $600 million series of participation notes due in 2027 and $28.7 million from a $700 million series of perpetual notes were accepted for purchase at a price of $860 per $1,000 in principal amount of notes for both series.
The notes were issued in 2017 by CBOM Finance PLC to finance subordinated loans for Credit Bank of Moscow. The tender offers were launched July 16 to decrease the bank's cost of capital, optimize its capital structure and provide liquidity to bondholders.
Originally, the initial maximum tender amount was set to $100 million, which was increased to roughly $142.8 million in July, and then reduced to $50 million Aug. 10 because of market volatility caused by new U.S. sanctions against Russia.