VAB Bank completes restructuring of USD 125 mln Eurobonds

VAB Bank announced yesterday in a press release that the National Bank of Ukraine registered changes to its Eurobond agreement in line with its restructuring plans as approved by bondholders at a meeting on March 22. VAB Bank offered holders of its USD 125 mln Notes due on June 14, 2010 to extend the maturity out four years, pay 10% cash upfront (to investors who support the deal before March 19) and increase the coupon from 10.125% (semiannual) to 10.5% (quarterly). Currently, the restructured Notes yield ~14.8%, according to Bloomberg.