19:26 07.07.2015

Oschadbank proposes creditors approve eurobond restructuring agreed with special committee

1 min read
Oschadbank proposes creditors approve eurobond restructuring agreed with special committee

Oschadbank (Kyiv) has appealed to all the holders of its eurobonds with a proposal to approve the extension of securities for seven years, according to a report on the website of the Irish Stock Exchange (ISE).

The relevant meeting of stockholders is scheduled to be held on August 3, 2015.

The required quorum is two or more persons holding a total of two-thirds of the securities. For the changes to take effect, three-quarters of the votes are required.

In addition, the bank has pointed out that the changes to the conditions of securities circulation must be approved by the National Bank of Ukraine (NBU).

As reported, Oschadbank agreed with the special creditors' committee, representing the holders of 54.3% of securities totaling $1.3 billion, to postpone the due date for seven years. In particular, the bank's eurobonds worth $700 million maturing on March 10, 2016 with a coupon of 8.25% per annum are to be exchanged for bonds maturing on March 10, 2023 and a coupon of 9.375% per annum. Some 60% of the debt principal will be repaid on March 10, 2019, and the remaining amount – in eight equal semi-annual installments.

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