Egidaco Investments plc, the parent company of TCS Bank, announces a limited Eurobond buy-back programme
Egidaco Investments plc ("Tinkoff"), the parent company of "Tinkoff Credit Systems" Bank (TCS Bank), announced today that it has launched a program to purchase a limited amount of its own Eurobonds.
This offer is available for a limited period and is made on the following conditions:
1) the target price is 100.5% of the nominal value of the Bonds (after amortisation);
2) potential sellers should communicate their intention from 04 June 2010 to 11 June 2010 by e-mail to the contacts below;
3) offers of sale will be satisfied on a ‘best effort’ basis, i.e. the Company will take the best offers from those that come in
4) the total maximum consideration for the Eurobonds purchase by Tinkoff under this program will be up to EUR 20 mln.
Egidaco has initiated a process to evaluate different refinancing options available to it in relation to the Bonds. Among the options being considered by Tinkoff is exercising its early redemption rights pursuant to the terms and conditions of the Bonds. Due the current market conditions Tinkoff has yet to finalise its evaluation of the different options available to it. Consequently, at this moment in time there can be no certainty whether Tinkoff will exercise its rights under the Bonds.
For further details of the program please contact:
Oliver Hughes, President
tel: +7 495 648 1000
e-mail: o.hughes@tcsbank.ru
Ilya Pisemsky, CFO
tel: +7 495 648-1000
e-mail: i.pisemsky@tcsbank.ru
Bank 'Tinkoff. Credit Systems' is Russia's first monoline bank, specialising exclusively on the issuing and servicing of credit cards. The bank was founded by the famous Russian entrepreneur, Oleg Tinkov. In October 2007, the international investment bank Goldman Sachs became a shareholder. In September 2008, Vostok Nafta Investments Limited also became a shareholder.
TCS Bank uses modern CRM and risk management systems. The bank employs a remote service model, providing virtual banking services of the highest quality to its customers. Service is provided to customers through a sophisticated Call Centre, Internet, SMS banking and by mail through the Russian Postal system. The combination of a narrow focus with a hi-tech approach gives the bank a distinct competitive edge in the rapidly growing Russian credit card market.