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Hong Kong-based Madison Pacific Trust Limited, the new trustee of the Ukrainian nationalized PrivatBank's holders of notes of two issues totaling US$375 million with maturity in 2018, has sent an acceleration notice to the bank, according to an announcement on the London Stock Exchange.
"On 2 November 2017 the New Trustee issued an acceleration notice to PrivatBank and sent a copy of the acceleration notice to the Issuer," the announcement said.
According to the data provided, this refers to PrivatBank's loan participation notes worth $175 million at 10.875% per annum and $200 million at 10.25% per annum with maturity in 2018.
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As UNIAN reported earlier, on December 18, 2016, the Cabinet of Ministers of Ukraine decided to nationalize Ukraine's No. 1 bank, Dnipro-based PrivatBank, being guided by the recommendations of the National Security and Defense Council of Ukraine.
Later, PrivatBank swapped obligations on three series of bonds worth $595 million before UK SPV Credit Finance PLC for shares of an additional issue.