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Creditors of Ukrainian state-owned Ukreximbank approved a special resolution to amend the terms of three issues of loan participation notes maturing in 2015, 2016, and 2018 for a total amount of $ 1.475 billion, the bank reported.
The resolution provides for maturity extension of each note issues for seven years, the coupon rate change, and new repayment schedules, according to the statement.
The bank reports that the completion of reprofiling of the notes will be a positive signal, demonstrating the confidence of foreign investors to the key players in the financial market.
"We are grateful to the Ad Hoc Committee and the noteholders for the overwhelming support that they have shown at the noteholders’ meetings. We look forward to bringing the reprofiling of the notes to a successful conclusion," said the bank’s chairman Oleksander Hrytsenko in the statement.
The implementation of the reprofiling is subject to approval by the National Bank of Ukraine.