Avangard agroholding attracts UBS as organizer of $200 mln eurobond restructuring
Avangard agroholding, the largest egg producer in Ukraine, has attracted UBS international investment bank as the sole solicitation agent to organize the restructuring of the company's eurobonds worth $200 million, the company said on the website of the London Stock Exchange (LSE).
As reported, on September 17, Avangard agroholding asked the holders of its eurobonds worth $200 million due on October 29, 2015 to give their consent to restructure them for three years.
The conditions of restructuring state that the 10% six-month coupon will be retained, but its larger part will be paid using the payment-in-kind scheme. The first coupon on October 29 will be paid in cash by 40% ($4 million), in 2016 – 25% of the coupon, and in 2017 – 50% of the coupon. The first coupon of 2018 will be paid in cash by 75%, and the last – 100% of cash.
In September the company held talks with bondholders and some of them who hold 36% of the bonds gave their consent to the proposed conditions of the debt restructuring.
Avangard is a vertically integrated holding company, specializing in the production of eggs and egg goods. It is the largest player in the Ukrainian egg market.