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Global Ports Inv (GLPR)

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Wednesday 03 October, 2018

Global Ports Inv

RESULTS OF TENDER OFFER

RNS Number : 8461C
Global Ports Investments PLC
03 October 2018
 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (THE "UNITED STATES") OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

GLOBAL PORTS (FINANCE) PLC ANNOUNCES RESULTS OF TENDER OFFER

3 October 2018

On 24 September 2018, Global Ports (Finance) PLC (the "Offeror"), a wholly-owned indirect subsidiary of Global Ports Investments PLC (the "Company", LSE ticker: GLPR), launched invitations to holders of the outstanding notes detailed in the table below, each issued by the Offeror and guaranteed by the Company, First Container Terminal Incorporated ("FCT"), Joint-stock company "Petrolesport" ("PLP") and Vostochnaya Stevedoring Limited Liability Company ("VSC" and, together with the Company, FCT and PLP, the "Guarantors") (each of the issuances of notes detailed below, a "Series" and all notes of both Series together, the "Notes") to tender their Notes for purchase by the Offeror for cash (each such invitation, an "Offer" and, together, the "Offers") at prices to be determined pursuant to the Modified Dutch Auction Procedure. Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Tender Offer Memorandum dated 24 September 2018 (the "Tender Offer Memorandum").

The Offers expired at 16.00 hours (London time) on 2 October 2018.

The Offeror has accepted for purchase the Notes as set out in the following table:

Description of Notes

Common Code/ ISIN

Outstanding Principal Amount Prior to the Offers

Series Acceptance Amount

Purchase Price

U.S.$350,000,000 6.872% guaranteed notes due 2022

(the "2022 Notes")

131981376 / XS1319813769

U.S.$350,000,000

 

U.S.$14,114,000

U.S.$1,025.50 per U.S.$1,000 in principal amount of 2022 Notes

U.S.$350,000,000 6.50% guaranteed notes due 2023

(the "2023 Notes")

140577545 / XS1405775450

U.S.$350,000,000

 

U.S.$36,420,000

U.S.$1,020.00 per U.S.$1,000 in principal amount of 2023 Notes

 

All Notes tendered at prices equal to or lower than the applicable Purchase Price and received by the Tender Agent have been accepted in full without proration.

The applicable Purchase Price, together with the Accrued Interest, will be paid to Noteholders whose Notes have been accepted for purchase by the Offeror.

Settlement of the Offers is expected to occur on 5 October 2018.  Following settlement of the Offers, U.S.$335,886,000 in aggregate principal amount of the 2022 Notes and U.S.$313,580,000 in aggregate principal amount of the 2023 Notes will remain outstanding.

General

The offer period for the Offers has now expired. No further tenders of any Notes may be made pursuant to the Offers. The complete terms and conditions of the Offers are set forth in the Tender Offer Memorandum. The Offers were subject to certain offer and distribution restrictions as more fully described in the Tender Offer Memorandum. This announcement does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities.

If you need further information about the Offers, please contact the Dealer Managers or the Tender Agent.



 

Contact Details:

THE OFFEROR

 

Global Ports (Finance) PLC

20 Omirou Ave.

Agios Nikolaos

P.C. 3095 Limassol

Cyprus

 

THE DEALER MANAGERS

 

J.P. Morgan Securities plc

25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom

 

By telephone: +44 20 7134 2468

By email: [email protected] 

Attention: Liability Management

 

VTB Capital plc

14 Cornhill

London EC3V 3ND

United Kingdom

 

By telephone: +44 20 3334 8029

By email[email protected] 

Attention:  Global Head of Syndicate

 

THE TENDER AGENT

 

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk

London WC1H 8HA

United Kingdom

 

Telephone: +44 20 7704 0880

Attention: Alexander Yangaev

Email: [email protected]

 

This announcement may contain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.

 


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