A
meeting of the holders of the outstanding $750 million 8.375% loan
participation notes (LPN) of the State Export-Import Bank of Ukraine
(Ukreximbank, Kyiv), on postponing the repayment on the securities for three
months, was postponed until April 27, 2015 due to the absence of a quorum at a
meeting held on April 13, reads a letter issued by the bank.
As reported, Ukreximbank placed five-year $500 million
LPN in the middle of April 2010. In October 2010, the bank placed more
securities, worth $250 million.
Citigroup Inc. and Credit Suisse AG were the
underwriters of the issue.
On March 27, 2015, the issuer proposed the extension
of the final maturity date of the notes from April 27, 2015 to July 27, 2015 to
investors.
In addition, the bank also asked the note-holders to
give their consent to a waiver of, and instruct the trustee and the issuer to
waive, any potential event of default or event of default which may have arisen
or may arise under the notes or the loan agreement as a result of the failure
by the bank to make any payment in respect of the loan and/or failure by the
issuer to make any payment in respect of the notes on the original maturity
date resulting from a delay in the registration of the supplemental loan
agreement with the National Bank of Ukraine (NBU).
The bank asked the note-holders to give their further
consent to a waiver of, and instruct the trustee and the issuer to waive, any
rights which may arise as a result of occurrence of any such potential event of
default or event of default and any other potential event of default or event
of default, provided, however, that if the effective date has not occurred on
or before July 27, 2015, such a waiver shall cease to apply and note-holders,
the trustee and the issuer will be at liberty to exercise such rights and take
such proceedings as they are entitled to take in connection with a failure by
the bank to pay amounts due under the loan, or a failure by the issuer to pay
amounts due under the notes.
The bank also asked the note-holders to give their
consent to a waiver of, and instruct the trustee and the issuer to waive, any
potential event of default or event of default which may have arisen or may
arise under the notes or the loan agreement as a result of the failure by the
bank to comply with any obligations of the bank under the loan agreement.
Ukreximbank was founded in 1992. Its sole owner is the
state.
Ukreximbank ranked third among 158 operating banks as
of January 1, 2015, in terms of total assets worth UAH 126 billion, according
to the NBU.
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