News

NADRA BANK restructured $ 175 mn Eurobonds

22.06.2010

Today NADRA BANK has completed the restructuring of its $ 175 mn 9.25 per cent. Eurobonds due 2010.

Under the terms of the Eurobond restructuring, among other amendments in the extraordinary resolution adopted by the bondholders:

- approximately 57% of the debt has been written off,

- the remaining debt begins amortization in three years and is to be paid off within 7 years, and

- the coupon rate is reduced from 9.25 per cent. to 8 per cent .

The extraordinary resolution regarding the Eurobond restructuring was successfully adopted at the noteholders’ meeting on 16 June 2010. On 18 June 2010 the National Bank of Ukraine made the necessary approvals in respect of the amendments and registered the amendments to the relevant documents. NADRA BANK has now paid the 10.286% consent fee to the bondholders who accepted the offered restructuring terms, marking the successful conclusion of the Eurobond restructuring and representing an important step in NADRA BANK’s continued restructuring.

23.06.2010

NADRA BANK signs restructuring agreement with 11 Export Credit Agencies ("ECAs") about credit facilities of USD 95 million

Today, NADRA BANK signed a restructuring agreement with 11 ECAs about its credit facilities in the total amount of approximately USD 95m with a new repayment term over 7 years. The restructured debts represent loans insured by the ECAs of the Unites States of America, Germany, Italy, the Netherlands, Czech Republic, Denmark, Finland, Hungary, Israel and Taiwan.

NADRA BANK highly appreciates the constructive approach of the ECAs who have enabled an agreement in a very short timeframe.

NADRA BANK sees the ECAs as their long-term financing partners and regards the restructuring agreement as a milestone towards reviving its future business with these institutions.

Last update 22.06.2010