VAB Bank Eurobond holders agree to restructuring
23 March 2010
VAB Bank Eurobond holders reportedly agreed to the lender’s restructuring proposal at a meeting on March 22, Interfax reported this morning, citing the bank’s deputy chairman, Lucas Tursa. 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). At an ask price of 88, restructured VAB notes YTM equals ~14.8% s.a.
