Ukreximbank to purchase USD 300 mln of notes following early tender deadline

Ukraine’s State Export Import Bank (Ukreximbank,
EXIMUK) reported on the results of its early tender offer of its 2025 and 2022
notes on Nov. 9. As of the early deadline, the holders of USD 372.7 mln of its
USD 600 mln notes due in 2025 offered them to the issuer. The bank decided to
purchase USD 215.95 mln of the notes, or 60.8% of those offered. Also, the
holders of USD 84.05 mln of the notes due in 2022 offered them to the issuer,
who decided to satisfy all the offers. The bank won’t accept any new offers of
2025 notes by the late deadline of Nov. 23, but is ready to accept offers of
additional 2022 notes in an amount of up to USD 15.95 mln.

In this way, following the early tender offer, the
bank will purchase USD 300.00 mln of the 2025 and 2022 notes for a total amount
of USD 312.86 mln.

Alexander Paraschiy: Taking into account that the late tender price for the 2022 notes will
be lower than the early tender one, we do not expect any significant amount of
offers by the late deadline on Nov. 23. Therefore, following its tender offer,
the bank is likely to reduce the total amount of its bonds outstanding by about
USD 300 mln, which is in line with its initial plan. In this way, the bank will
reduce its amortization payments on these notes by USD 178 mln in 2021, USD 55
mln in 2022 and a total of USD 67 mln in the next three years.