Ukreximbank schedules bondholders meetings to approve restructuring
10 June 2015
Ukraine’s State Export-Import Bank (Ukreximbank, EXIMUK) called three separate meetings with the holders of its Eurobonds for July 7 to approve earlier disclosed restructuring terms for the bonds, according to its June 8 press release. The bank set a July 3 deadline for sending the voting instructions for the meetings. The meetings will have quorums of 2/3 of all bonds outstanding and the decisions should be passed with no less that 3/4 of their participants. In case the meetings fail to meet quorum, they will be adjourned for July 17.
The bank reiterated its restructuring offers for the holders of its 2015, 2016 and 2018 bonds, disclosed for the first time on May 26:
Its USD 750 mln notes due July 27, 2015 (with a coupon of 8.375%) are offered to be repaid in seven tranches: 50% on April 27, 2019, and the rest in six semi-annual installments of 8.33% between October 2019 and April 2022. The new coupon rate, 9.625%, will be applicable as of April 27, 2015.
Its USD 125 mln notes due Feb. 9, 2016 (with a coupon of 5.79%) are offered to be repaid in seven tranches: 50% on Feb. 9, 2020, and the rest in six 8.33% semi-annual installments between August 2020 and February 2023. The new coupon rate, 6M LIBOR+7% (or about 7.43%), will be applicable as of Aug. 9, 2015.
Its USD 600 mln notes due Jan. 22, 2018 (with a coupon of 8.75%) are offered to be repaid in nine tranches: 50% on Jan. 22, 2021, and the rest in eight 6.25% semi-annual installments between July 2021 and January 2025. The new coupon rate, 9.75%, will be applicable as of July 22, 2015.
