Monday, March 16, 2009

RBC Holding has agreed to restructure the debt.

Russian media RBC agreed with creditor banks to restructure 70 percent of the debt, the publication of "Kommersant" with reference to one of the top managers of the holding.

Under the scheme approved by the parties, the debt must be fully repaid by 2014. The restructuring will take place in two stages: 25 per cent of the debt will be paid until 2012, and the remaining 75 - to 2014.

The debt can be converted into dollar bonds with a rate of 15 per cent per annum. Total debt is not called: According to RBC, and banks, the borrower is still "disputed debts." Presumably, it is 200 million dollars.

It still is only the principle agreement of the parties, finally, all the necessary documents, according to a source of Kommersant at RBC, may be signed by at least three weeks.

Recall that earlier holding RBC invites creditors several options for repayment of debt, particularly the exchange holding company debt for two tranches of Eurobonds at a discount of 80 per cent and a maturity in 2010 and 2012, or pay the debt by 2019 in connection with the issuance of Eurobonds in the 216 million dollars . However, agreement on the proposed scheme had been reached.

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