OREANDA-NEWS. October 28, 2010. Finance and Credit Bank has successfully restructured its borrowings portfolio totalling to USD 100 million, including syndicated loans and trade finance loans.
 
According to Vladimir Khlyvnyuk, Chairman of Finance and Credit Bank board: "On Septermber 24, 2010, we concluded new agreements within the framework of effective debt restructuring. The terms of restructuring allow syndicated loans (in the amounts of USD 70 million and 42.5 million, the maturity dates of which are March 2009 and August 2009 respectively) to be consolidated into a single syndicated loan. The new loan provides monthly repayment of the principal in equal installments till January 2015 at the interest rate of  LIBOR + 2.7%".

To recap, Morgan Stanley Bank acted as a financial consultant of Finance and Credit Bank on the external debt restructuring. The creditors' interests were represented by a managing committee headed by Standard Bank Plc and consulted by Jones Day и KPMG.

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Since the beginning of 2009 Finance and Credit Bank has restructured over UAH 200 million on the whole, including eurobonds amounting to USD 100 million. 

Since the beginning of 2009 the repayments of foreign borrowings has made up: in August 2009 – USD 1.5 million, in July 2009 – over USD 5.7 million, in March 2009 – the Bank made a partial repayment of USD 3.5 million.
The last repayment of USD 112.5 million borrowed through syndicated loans was made in July 2010. The repayment amount made up USD 23 million.
      
Also, in January 2010, the Bank paid off 5% of the IPO to eurobond holders, by which fulfilled the terms of restructuring eurobonds worth USD 100 million.

To recap, the eurobond holders of the Bank agreed to restructure 95% of the amount of 4-year bonds – till January, 2014, with inreasing the coupon value from 10.375% to 10.5% with a semi-annual repayment.
On July 22, 2010 Finance and Credit Bank made a planned repayment of coupon yield that makes up USD 4.9875 million. The repayment amount to the eurobond holders was USD 95 million.