Ukreximbank gets approval for 3M postponement on its 2015 notes

Ukreximbank gets approval for 3M postponement on its 2015 notes



28 квітня 2015 года
Конкорд Капитал

Holders of Eurobond of Ukreximbank (EXIMUK) maturing on April 27 voted in favor of an extension of the bond’s maturity for three months, according to the bank’s report. The adjourned meeting of bond holders took place on April 27, it had a quorum of just 1/3 of all notes outstanding.

As Ukreximbank reported on April 20, after receiving a waiver for a three-month extension, the bank will seek approval on restructuring of its USD 750 mln notes under the following conditions: 50% of amount outstanding will be repaid in four years (April 27, 2019), and the rest will be repaid in six equal semi-annual installments between October 2019 and April 2022; the coupon rate on the bond will be raised to 9.625% (from 8.375%).

Alexander Paraschiy: Based on the proposed new terms of the bond, it yields about 20% (at the price of 70 of par), or in line with longer sovereign bonds. The fact that the holders have approved a 3-month extension of the notes does not guarantee they will agree on the proposed new parameters that increase its maturity to 2022. We see a high probability that the bank will have to upgrade its restructuring parameters in favor of the bond holders.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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