XXI Century real estate developer restructured its Eurobonds

XXI Century’s note holder meeting yesterday approved USD 222 mln Eurobonds restructuring, implying their conversion into equity (at a proportion USD 1,000 of notes for 763 ordinary shares valued at a total of USD 57) as part of a broader restructuring offer. The conversion value is based on the share subscription price for new investor Renaissance Capital controlled Ovaro (USD 0.07 per share), which is to infuse net USD 17.2 mln in exchange for a 60% stake in the company (52% on a fully diluted basis), while the combined stake of all note holders will amount to almost 31% (or 27% on a fully diluted basis).