Finance & Credit requests Eurobond restructuring

Finance & Credit Bank asked holders of its USD 100 mln Eurobonds due in January 2010 to agree to restructuring, the bank said yesterday. The bank offered to restructure 95% of the principal out four years to January 25, 2014 and to increase the coupon from 10.375% to 10.5%. If the proposal is accepted, Finance & Credit said it was ready to pay 5% of the principal outright. The bank said it expects to finalize restructuring terms by the end of January. Finance & Credit was Ukraine’s #13 largest lender by assets, according to statistics from the National Bank of Ukraine as of October 1.