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Nadra Bank restructures USD 95 mln debt to credit agencies

Nadra Bank restructures USD 95 mln debt to credit agencies

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.

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