Finance & Credit Bank seeking to refinance notes due in January

In its release on the Irish Stock Exchange on November 26, Finance & Credit Bank (FICBUA) offered its bondholders to exchange its notes due in January 2014 (which have a 10.5% coupon) for a combination of cash and new five-year Eurobonds that will have a 9.125% coupon. The conditions of the offer were not clear from the exchange’s release, while the bank called them “favorable” in its November 27 press release.

The bank also highlighted it’s ready to smoothly repay its notes in January. As of end-September, the bank’s cash position was USD 207 mln, which clearly exceeds the outstanding amount of 2014 notes (USD 95 mln).