01:0421.04.2015

Ukreximbank proposes repayment of 50% of '15 LPNs in April 2019, another 50% in April 2022 in six equal 6-month installments with rate increased to 9.625%

State-run Ukreximbank suggests that the holders of the bank's loan participation notes (LPN, or notes) worth $750 million maturing on April 27, 2015, prolong the ultimate maturity term for seven years with the payment of 50% of principal amount on April 27, 2019, and another 50% in six equal six-month tranches on April 27, 2022.

Simultaneously, the bank suggests raising a coupon rate from the current 8.375% per annum to 9.625% per annum, with effect from (and including) April 27, 2015, the bank announced on Monday evening.

The solicitation of consents was announced from the beneficial holders of the outstanding notes "to consider and, if thought fit, pass an extraordinary resolution to approve amendments to the terms and conditions of the Notes and to the Loan Agreement and (ii) to grant certain waivers (the 'Proposal')," the bank said.

"In connection with the Proposal, the Bank is pleased to announce that, if the extraordinary resolution is duly passed at the Adjourned Meeting, it shall seek reprofiling of the Loan and the Notes on the following terms:

- The maturity of the Loan and the Notes shall be extended by seven years to April 27, 2022.

- The redemption profile of the Loan and the Notes shall be amended as follows:

(i) 50 per cent of the principal amount of the Notes shall be redeemed on April 27, 2019; and

(ii) the remaining principal amount of the Notes shall be redeemed in six equal semi-annual installments starting on October 27, 2019, with the final repayment being due on April 27, 2022;

and the redemption provisions of the Loan Agreement shall be amended so as to allow the Issuer to make the payments under the Notes as contemplated above," the bank said.

As previously announced, the first meeting of Ukreximbank's noteholders took place on April 13, 2015 and was adjourned to April 27, 2015, for the lack of quorum.

Ukreximbank invited all those interested to participate in a webcast to discuss the consent solicitation on Tuesday, April 21, 2015 at 10:00 a.m. London time.