18:05 06.10.2017

PrivatBank replaces trustee for two eurobond issues

2 min read
PrivatBank replaces trustee for two eurobond issues

PrivatBank (Kyiv) has replaced a trustee for $175 million eurobonds due on February 28, 2018 and $200 eurobonds due January 23, 2018, UK SPV Credit Finance Plc has reported on the website of the London Stock Exchange (LSE).

According to the report, Madison Pacific Trust Limited (Hong Kong) acts as a new trustee from October 3, 2017 instead of Deutsche Trustee Company Limited (UK).

As was reported, under the nationalization of PrivatBank, its obligations to the British-based special purpose vehicle (SPV) that was the issuer of eurobonds were subject to a bail-in procedure and were exchanged for the additionally issued shares of the bank.

The matter concerns three issues of eurobonds: those worth $175 million at a rate of 10.875% repayable on February 28, 2018, $200 million at a 10.25% repayable on January 23, 2018, of which $40 million was repaid in August 2016, and $220 million at a rate of 11% with maturity in 2021.

The issuer of the eurobonds falling due in January and February 2018 was U.K.-registered UK SPV Credit Finance plc. The eurobonds maturing in 2021 were issued via ICBC Standard Bank Plc (the U.K.), however, during their restructuring, that debt was reregistered to UK SPV Credit Finance plc.

After PrivatBank was nationalized, the eurobond issuer remained in its ownership.

UK SPV Credit Finance plc initiated the convocation of a meeting of the eurobond holders on June 5.

The agenda of the meeting includes the dismissal of Deutsche Trustee Company Limited, which acted as the trustee on the securities, and the appointment of Madison Pacific Trust Limited as a new trustee, and other procedural matters.

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