"Vanguard" Bakhmatyuk wants to restructure Eurobonds 2015 for 3 years

17 September 2015, 22:33 | Business
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According to the company on the London Stock Exchange on Thursday evening in September, the company held negotiations with bondholders, and some of them owning securities totaling 36% of the issue, agreed to the proposed terms of restructuring.

They suggest that a 10% annual coupon will be saved, but much of it will be paid by the scheme payment in kind (bonds). In particular, the first coupon will be paid on October 29 in cash for 40% ($ 4 million) in 2016. The money will be paid 25% coupon in 2017. - 50%. The first coupon payment in 2018 will be 75% in cash, and the last - all the money.

The bondholders who agreed to these terms until October 15, will receive an additional 2.5% payment, after - 0.5%.

As reported, Avangardco in late October 2010, placed its debut Eurobond for $ 200 million at the price of 98.093% of par with a yield to maturity of 10.5%. The lead managers of the issue are J. Morgan Securities Ltd and TD Investment Limited.

The interest rate for all coupon periods is set at 10% per annum. Payment of interest is carried out twice a year - 29 April and 29 October.

"Vanguard" - a vertically integrated holding company specializing in the production of eggs and egg products, is the largest player on the Ukrainian market. Agrorholding finished 2014 with a net loss of $ 26.918 million versus $ 238.083 million net profit in 2013. Its consolidated revenue for the past year declined 37% - up to $ 419 618 000.

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