International bonds: Ardshinbank (Industrial Construction Bank), 12% 29jul2020, USD
XS1117287638

• Placement method
  Open subscription
• Placement type
  Public
• Order book
  *** (***) - *** (***)
• Coupon (Yield) Guidance
  ***% - ***% (*** - ***%)
• Issuer rating on issue date (M/S&P/F)
  *** / - / ***
• Placement
  *** - ***
• Initial issue price (yield)
  (***%)
• Bids
  *** USD
• Number of bids
  ***
• Geographic breakdown
  ***
• Investor breakdown
  ***
• The purpose of placing
  The gross proceeds from the Notes will be used by the Issuer for the sole purpose of financing the Loan to Ardshinbank. The net proceeds of the Loan (after deduction of any commissions and expenses payable by Ardshinbank in connection with the Notes, the Loan and the Tender Offer and Consent Solicitation), which are expected to amount to approximately U.S.$ 97,000,000, will be used by Ardshinbank for the following purposes: (i) to finance the purchase of U.S.$ 59,000,000 aggregate principal amount of the 2017 Notes tendered and accepted for purchase in accordance with the Tender Offer and Consent Solicitation and the payment of accrued interest to the date of payment on such 2017 Notes in the amount of U.S.$ 983,333.34; (ii) to finance the payment of a consent fee to holders of 2017 Notes who have delivered consents in accordance with the Tender Offer and Consent Solicitation in the amount of U.S.$ 750,000; (iii) to finance the payment of an incentive fee in the amount of U.S.$ 116,500 to holders of 2017 Notes whose 2017 Notes have been tendered and accepted in accordance with the Tender Offer and Consent Solicitation; (iv) to finance the payment of Armenian withholding tax applicable to the payment of accrued interest to holders of the 2017 Notes tendered and accepted for purchase per item (i) above, the payment of the consent fee per item (ii) above and the payment of the incentive fee per item (iii) above, such withholding at the rate of 10% on the amount paid (subject to possible reduction if relevant double tax treaties can be applied); (v) to refinance up to U.S.$ 39,000,000 of Ardshinbank’s indebtedness under an existing U.S.$ 71,300,000 facility provided by a large international financial institution; and (vi) to the extent net proceeds remain, for general lending to corporate and retail clients.
• Listing
  ***

• Bookrunner
  ***
• Arranger Legal Adviser (Domestic law)
  ***
• Arranger Legal Adviser (International law)
  ***
• Arranger Legal Adviser (Listing law)
  ***
• Issuer Legal Adviser (Domestic law)
  ***
• Issuer Legal Adviser (International law)
  ***
• Issuer Legal Adviser (Listing law)
  ***
• Paying agent
  ***
• Trustee
  ***

• Convertion date
  ***
• Initial premium
  ***%
• Convertible until
  ***
• Lock-up
  *** days
• Conversion terms
  ***

• Change of Control

  ***

• Collective Action Clause

  ***

• Covenant Suspension/Fall-Away

  ***

• Cross Default

  ***

• Designation of Restricted and Unrestricted Subsidiaries

  ***

• Events of Default

  ***

• Limitation on Business Activities

  ***

• Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

  ***

• Limitation on Indebtedness

  ***

• Limitation on Investments

  ***

• Limitation on Liens

  ***

• Limitation on Restricted Payments

  ***

• Limitation on Sale of Assets

  ***

• Limitation on Sale/Leaseback

  ***

• Limitation on Subsidiary Debt

  ***

• Limitation on layering (anti-layering)

  ***

• Limitations on transactions with affiliates

  ***

• Merger Restrictions

  ***

• Rating Trigger

  ***

***