The holders of Eurobonds, «uz» agreed on the restructuring of securities

The bondholders of PJSC «Ukrzaliznytsia» in the amount of $ 500 million approve restructuring of the securities, the Issuer informed on the website of the Irish stock exchange, reports «Interfax-Ukraine».

The proportion of owners of Eurobonds, supported the proposal of the company, the report did not specify.

As reported, Ukrzaliznytsia 9 December 2015, after negotiations with group of companies managing the assets as part of ICE Canyon LLC, Portland Worldwide Investments Ltd., Promeritum Investment Management LLP and VR Global Partners, L. P., formed the Ad Hoc Committee reached agreement on the terms of restructuring of the mentioned Eurobonds.

Hand, in particular, agreed that the coupon rate on the securities will be increased to 9,875% from 9.5% (calculation begins on 21 November 2015), their repayment period will be extended until September 15, 2021 to may 21, 2018.

While the interest payment date will be postponed to March 15 and September 15 (the first interest period after repofilename (i.e., the period from 21 November 2015 to 15 March 2016 will be a short interest period).

It is also anticipated the change in the absorption mechanism, according to which the repayment of securities will be held as follows: 60% of the outstanding principal amount of the debt is paid in 2019: 30% — 15 March 2019 30% 15 September 2019; 20% of the outstanding principal amount of the debt is paid in 2020: 10% — 15 March 2020, 10% — September 15, 2020; 20% of the outstanding principal amount of the debt is paid in 2021: 10% — 15 March 2021, 10% to 15 September 2021.

As reported, Ukrzaliznytsia on may 12 last year claimed a violation of the obligation to pay the principal amount on some internal bilateral credit agreements cross-default on Eurobonds and restructuring of debt to private creditors at 32 billion USD, with total debt of 37.5 billion UAH, including internal – 22 billion hryvnia.

Prime Minister of Ukraine Arseniy Yatsenyuk at the investment conference Ukraine — USA in Washington urged the creditors to accept the proposal of Ukraine to restructure the external debt volume of 15.3 billion. Lenders, in turn, agreed to a restructuring of 17 billion hryvnias in domestic debt «Railways».




The holders of Eurobonds, «uz» agreed on the restructuring of securities 17.02.2016

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Февраль 17th, 2016 by
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