Bondholders agree to extend the maturity of EXIMUK15 by three months

Bondholders agree to extend the maturity of EXIMUK15 by three months



28 квітня 2015 года
ICU

After having failed to reach a quorum two weeks ago, Ukreximbank bondholders, after approving a new level of quorum last week, reconvened yesterday and passed the resolution to extend its US$750m Eurobond by three months. The bank announced that it will seek a seven-year extension for this issue, with half of the principal (US$375m) to be due in three years on 27 April 2019 and the remainder to be paid in six equal installments beginning on 27 October 2019. The bank also proposed to increase the coupon rate from the current 8.375% to 9.625%, effective 27 April 2015. This proposal could appeal to investors, particularly as haircuts to sovereign debt have been proposed to occur later this year. We expect no further material amendments in regard to Ukrexim'15 as the bank aims to negotiate all of its Eurobonds (namely, Ukrexim'16 and Ukrexim'18) over the next three months to meet the IMF EFF Target 1.

Источник: ICU

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