Avangard to restructure interest on eurobonds for Oct
Avangard agroholding intends to restructure its interest income on eurobonds worth $200 million payable on October 30, the issuer said on the website of the Irish Stock Exchange (ISE).
The company also reported on the continuation of negotiations with the holders of eurobonds on restructuring the securities. Details of the negotiations are not specified.
Ukrlandfarming is also in the process of restructuring eurobonds worth $500 million.
As reported, at the end of March Avangard together with parent company Ukrlandfarming reported about negotiations with the creditors' committee on restructuring their eurobonds for $200 million and $500 million respectively with maturity in 2018. Therefore Ukrlandfarming and Avangard abstained from paying accrued interest on securities on March 27, September 26 and April 29 respectively.
Avangard noted the creditors' committee represents the holders of about 40% of Ukrlandfarming eurobonds and 50% of Avangard eurobonds.
The rate on Avangard eurobonds is 10% per annum, that on Ukrlandfarming equities is 10.875%, coupon is paid once every six months.