Nadra strikes restructuring accord with Eurobond holders

Interfax reported this morning that Nadra Bank (NADR) agreed with holders of its USD 175 mln Eurobonds on terms for restructuring the notes. The bank reportedly signed the relevant agreements on November 24. Further details on the deal have not yet been disclosed. Nadra is continuing negotiations on the restructuring of its other external liabilities.  Nadra Bank offered creditors three variants for restructuring external debt: a 20% principal payback outright, or 50% repayment of principal over seven years, or partial conversion of debt into subordinated debt.  The restructuring of Nadra’s foreign debt is one of the major obstacles preventing the government from offering it recapitalization support. As of July 1, Nadra Bank was Ukraine’s #11 largest lender by assets, based on NBU statistics.