Oschadbank completes restructuring $100 mln subordinated loan

State-controlled Oschadbank (Kyiv) has completed the restructuring of a $100 million subordinated loan raised in December 2006, according to the bank's website.

Under the agreement, the loan was exchanged for Eurobonds due on January 19, 2024 with a coupon of six-month Libor plus 6.875%. Half of the principal amount on the securities will be paid on January 19, 2020, and the remaining amount will be paid in eight equal semi-annual installments.

As reported, Oschadbank in mid-June agreed with the special committee of creditors, representing the holders of 54.3% of equities totaling $1.3 billion, to postpone the debt maturity for seven years.

The restructuring of the bank's eurobonds, maturing in 2016 and 2018, totaling $1.2 billion was completed in August. Under the agreement eurobonds for $700 million maturing on March 10, 2023 with an interest rate of 9.375% per annum were issued, as well as bonds worth $332.914 million maturing on March 20, 2025 and an interest rate of 9.625% per annum, $167.086 million maturing on March 20, 2025 and an interest rate of 8.25% per annum.

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