24 June 2010
Nadra Bank signed an agreement to restructure USD 95 mln in outstanding debt to 11 export credit agencies, Interfax reported yesterday, citing a company press release. The loans will now be repaid over a seven-year period. Nadra just announced a day earlier that it completed restructuring of its USD 175 mln Eurobonds due in 2010. Eurobond noteholders, at a meeting on June 16, approved of terms, which effectively imply a 47.1% haircut, 7-year prolongation, 8% annual coupon and sinkability provision. The restructuring of external liabilities is necessary condition for the bank to be recapitalized by the state.