OREANDA-NEWS. March 31, 2010.  The terms of the restructure are fairly relevant to the current market conditions and Kazanorgsintez’s credit standing, and are therefore favorable for bondholders.

Kazanorgsintez (RTS: KZOS) has finished the restructure of its USD 200 mn 9.25% Eurobond issue. In line with the terms of the restructure, bondholders could either produce their securities for redemption, or agree to amendments to the core parameters of the bond issue.

As a result, about 50% of the securities, worth USD 99.16 million, were redeemed at 90% of the par value. The remaining bondholders agreed to the prolongation of the maturity period until 19 March 2012, an increase in coupon rate to 10% from 19 March 2012, and the termination of financial covenants.