Ukrgazbank restructures USD 23 mln syndicated loan

Ukrgazbank (UGZB) said yesterday that it has reached a preliminary agreement with counterparties to restructure a USD 23 mln syndicated loan over a 3-year period. The bank will pay off 20% of the outstanding debt when the restructuring deal is concluded; the new credit facility will have a quarterly principal payments beginning in February 2010. Ukrgazbank took out the initial loan in August 2008 for one-year at LIBOR+3.25%.