business and economy
BTA’s Russian subsidiary secures Eurobond restructuring agreement
(SRI) - BTA Bank (Moscow) bondholders agreed to restructure the Slavinvest Finance Eurobond, the bank said in a statement.
The restructuring, which has been unanimously approved by all bondholders, involves the postponement of the repayment date until December 21, 2011, switch of the bullet repayment of the principal amount to two-year amortization, as well as the change of the periodicity of coupon payments.
As of January 4, the amount of Slavinvest Finance notes outstanding has totaled $69.884 million.
According to BTA Bank (Moscow), the restructuring will allow it to “expand its range of active banking transactions, diversify and increase its resources in 2010, which is in turn to enable it to timely service and repay its obligations outstanding and strengthen positive trends of the Bank’s business development.”
BTA Bank (Moscow), formerly Slavinvestbank, is a Russia-focused subsidiary of Kazakhstan’s second largest bank BTA.
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