Bondholders agreed to a short extension of Privatbank's 2015 Eurobond

Bondholders agreed to a short extension of Privatbank's 2015 Eurobond



8 вересня 2015 года
ICU

Privatbank has successfully persuade bondholder to agree to a temporarily extension of its US$200m Eurobond from the previous maturity date (September 23) to January 15, 2016. The bank plans to use this four month period to gain a two-year extension of its US$150m of 2016 subordinated bond as well. Should this occur by January 15, the 2015 issue is automatically prolonged by two years. If no agreement is reached, Privatbank must repay both issues. This new option sweetened the restructuring offer for the holders of the 2015 issue who rejected the previous offer two weeks ago. The extraordinary resolution garnished very strong support as 96.94% of those present at the meeting voted in favour. The new term gives a positive signal for the ultimate, longer restructuring of both issues as neither bondholder group will benefit from not supporting the proposal.

Источник: ICU

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