15:09 06.11.2017

New trustee for PrivatBank's eurobonds demands early payment of debt

New trustee for PrivatBank's eurobonds demands early payment of debt

Hong Kong-based Madison Pacific Trust Limited, a new trustee for $175 million loan participation notes (LPN) of PrivatBank due on February 28, 2018 and $200 million LPN due on January 23, 2018 sent a notice to the bank that it is seeking to early collect the debt (the acceleration notice), UK SPV Credit Finance Plc (Britain) has reported on the website of the London Stock Exchange (LSE).

The notice was sent on November 2, 2017.

The trustee will update noteholders on any developments subsequent to the issue of the acceleration notice.

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

The matter concerns three issues of LPNs: 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 LPNs falling due in January and February 2018 was U.K.-registered UK SPV Credit Finance plc. The LPNs 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 note issuer remained in its ownership.

Early October 2017, PrivatBank replaced the trustee for $175 million LPNs PrivatBank due on February 28, 2018 and $200 million LPN due on January 23, 2018. From October 3, 2017, Madison Pacific Trust Limited replaced Deutsche Trustee Company Limited (Britain).

The National Bank of Ukraine (NBU) on October 27, 2017 approved the change of the structure of the PrivatBank banking group.

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