Ukreximbank proposes repayment of 50% of '15 LPNs in April 2019, another
50% in April 2022 in six equal 6-month installments with rate increased to
9.625%
State-run
Ukreximbank suggests that the holders of the bank's loan participation notes
(LPN, or notes) worth $750 million maturing on April 27, 2015, prolong the
ultimate maturity term for seven years with the payment of 50% of principal
amount on April 27, 2019, and another 50% in six equal six-month tranches on
April 27, 2022.
Simultaneously, the bank suggests raising a coupon
rate from the current 8.375% per annum to 9.625% per annum, with effect from
(and including) April 27, 2015, the bank announced on Monday evening.
The solicitation of consents was announced from the
beneficial holders of the outstanding notes "to consider and, if thought
fit, pass an extraordinary resolution to approve amendments to the terms and
conditions of the Notes and to the Loan Agreement and (ii) to grant certain
waivers (the 'Proposal')," the bank said.
"In connection with the Proposal, the Bank is
pleased to announce that, if the extraordinary resolution is duly passed at the
Adjourned Meeting, it shall seek reprofiling of the Loan and the Notes on the
following terms:
- The maturity of the Loan and the Notes shall be
extended by seven years to April 27, 2022.
- The redemption profile of the Loan and the Notes
shall be amended as follows:
(i) 50 per cent of the principal amount of the Notes
shall be redeemed on April 27, 2019; and
(ii) the remaining principal amount of the Notes shall
be redeemed in six equal semi-annual installments starting on October 27, 2019,
with the final repayment being due on April 27, 2022;
and the redemption provisions of the Loan Agreement
shall be amended so as to allow the Issuer to make the payments under the Notes
as contemplated above," the bank said.
As previously announced, the first meeting of
Ukreximbank's noteholders took place on April 13, 2015 and was adjourned to
April 27, 2015, for the lack of quorum.
Ukreximbank invited all those interested to
participate in a webcast to discuss the consent solicitation on Tuesday, April
21, 2015 at 10:00 a.m. London time.
No comments:
Post a Comment