PrivatBank completes private placement of LPNs worth $70 mln for capital increase

17:55, 08.10.2015 1 min read

Ukraine's largest bank PrivatBank (Dnipropetrovsk) on October 7 completed a private placement of loan participation notes (LPN) for $70 million with a coupon rate of 5.799% which were issued to increase the capital of the bank, according to the bank's website.

As reported, in early October PrivatBank signed an agreement on its shareholder buying LPNs where were issued by its subsidiary UK SPV Credit Finance Plc. The issuer will give the funds attracted to PrivatBank in the form of a subordinated loan to increase its capital.

PrivatBank was founded in 1992. As of July 7 its largest shareholders were Hennadiy Boholiubov and Ihor Kolomoisky with shares of 45.3182% each.

The bank was the largest bank among 127 banks operating in the country on July 1, 2015 by total assets (UAH 240.01 billion), according to the National Bank of Ukraine.