The bondholders of state-controlled Oschadbank (Kyiv) on August 3 approved the restructuring of two issues of eurobonds for a total of $1.2 billion maturing in 2016 and 2018, bank chairman Andriy Pyshny has told reporters.

"Oschadbank has successfully completed the process of restructuring," he stated.

According to Pyshny, more than 90% of eurobond holders supported the terms of restructuring proposed by the bank.

According to a bank press release, the conversion of 2016 eurobonds worth $700 million provides for the continuation of the maturity for seven years - until March 10, 2023, the increase in the coupon rate to 9.375% per annum, and an amortization structure, according to which 60% of the principal amount of eurobonds will be paid on March 10, 2019, and the remaining amount will be repaid in eight equal installments every six months, starting from September 10, 2019, with the final repayment on March 10, 2023. The conversion of 2018 eurobonds worth $500 million provides for the continuation of the maturity for seven years - until March 20, 2025, an increase in the coupon rate to 9.625% per annum, and an amortization structure, according to which 50% of the principal amount of eurobonds will be paid on March 20, 2020, and the remaining amount will be repaid in ten equal installments every six months, starting from September 20, 2020, with the final repayment on March 20, 2025.