PrivatBank repays coupon on '18 notes worth $175 mln
Ukraine's largest bank PrivatBank (Dnipropetrovsk) on February 29 fully repaid a coupon on $175 million in loan participation notes (LPN) maturing in February 2018, the bank said on its website.
PrivatBank in early 2013 placed five-year LPN worth $175 million at an interest yield of 10.875% per annum.
The issue was arranged by Credit Suisse, J.P. Morgan and UBS Investment Bank.
The holders of PrivatBank's LPN worth $150 million and the bank's shareholder, which bought an additional issue of notes for $70 million, approved the restructuring of the securities at a joint meeting on November 11.
The number of the securities engaged in the deal was 94.46% of the combined issue. The transaction was supported by holders of 98.26% of the securities whose value accounts for 98.85% of the sum of the issue. The owner of 1.74% of the securities whose value accounts for 1.15% of the issue voted against the deal.
It was reported earlier that on September 8, 2015, a meeting of the holders of $200 million in PrivatBank's notes maturing on September 23, 2015, supported the extension of the maturity date until January 2018.
In keeping with their decision, the interest rate on the notes will be increased from 9.375% to 10.25% per annum.
