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GTLK Completed a Partial Buyback of its Eurobond Issue due 2021

On 18 February 2021 GTLK Europe DAC, the Irish subsidiary of JSC “GTLK”, completed a partial buyback of its Eurobond issue due 19 July 2021 in the aggregate principal amount of USD 95,229,000. The buyback was made under the fixed price tender offer announced on 8 February 2021 at a price of 102.15%, with a discount to the pre-announcement secondary market levels. In accordance with the terms of the any-and-all tender offer, the offeror accepted for purchase all of the notes validly tendered and received. J.P. Morgan and VTB Capital acted as Joint Dealer Managers.

Early repurchase of the Eurobond issue due 2021 was exercised within the Company’s debt portfolio management strategy allowing to effectively utilize its excess cash balances and realise debt servicing costs savings. This tender offer followed GTLK’s USD 150,000,000 buyback of its 2021 Eurobond in October 2020. As a result of these buyback exercises the outstanding principal amount of the Eurobond issue due 2021 reduced to USD 254,701,000.

“It is important that after two consecutive tender offers for the notes due 2021 more than a half of the issue still remains outstanding. We view it as the evidence of investors’ confidence in GTLK’s credit and the indicator of the comfortable level of the Company’s Eurobonds risk-return ratio”, noted GTLK’s CEO Evgeny Ditrich.

Currently GTLK has six Eurobond issues outstanding with the aggregate nominal value of USD 2,905 million.  
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