Oschadbank commences a consent solicitation

Oschadbank commences a consent solicitation



8 липня 2015 года
ICU

State-owned Oschadbank has formally offered its bondholders a proposal to restructure its 2016 and 2018 issues. June 30 is the deadline to submit votes, and the final results will be announced at a meeting on August 3. The quorum is set at two-thirds and 75% of those present must vote in favor to pass the extraordinary resolution. If the meeting is adjourned, a follow-up meeting is scheduled for August 17. However, given the offered terms, we expect the resolution to pass. Existing debt shall be exchanged for new loans with a 7-year extension and no upfront payment. For the OSCHAD 2016 US$700m loan, the interest rate will increase from 8.25% to 9.375%, with 60% of the outstanding amount payable on March 10, 2019 and the remainder to be paid in ten equal installments beginning on September 10, 2019. For the OSCHAD 2018 US$500m loan, the interest rate will increase from 8.875% to 9.625% with 50% of the outstanding amount to be payable on March 20, 2020 and the remainder be paid in ten equal installments beginning on September 20, 2020. Reprofiling of the 2017 Subordinated Loan (US$100m) is subject to an independent negotiation process and is not conditional on the Eurobonds' restructuring.

Источник: ICU

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