PrivatBank's liabilities to issue of bank eurobonds exchanged to bank shares
Liabilities of PrivatBank (Dnipro) to a Special Purpose Vehicle (SPV, Britain), the issuer of the bank's Loan Participation Notes worth $595 million, were included in the bail-in procedure during the bank's nationalization and they were exchanged to the additionally issued shares of the bank when temporary administration worked at the bank, the National Bank of Ukraine (NBU) has said.
"Under Article 41.1 of the law on the individuals deposit guarantee system liabilities of PrivatBank to SPV were exchanged to the additionally issued shares of the bank in the period when temporary administration worked at the bank," the central bank said on its website.
No payments would be settled under the bail-in procedure.
The NBU said that this concerns $175 million Loan Participation Notes due on February 2, 2018 at 10.875%, $200 million Loan Participation Notes due on January 23, 2018 at 10.25% and $220 million Loan Participation Notes due in 2021 at 11% per annum.
