Russia’s Bank of Khanty-Mansiysk 9.15% noteholders OK amendments

By Wendy Van Sickle

Columbus, Ohio, Sept. 21 – Russia’s Bank of Khanty-Mansiysk said holders of its $200 million of 9.15% loan participation notes due 2023 approved a written resolution to alter the notes’ trust deed and to make amendments to the subordinated loan agreement, according to a notice from the London Stock Exchange.

The resolution was approved Aug. 27.

The trust deed was amended to provide an option for the noteholders to extend the maturity of the notes.

Amendments to the loan agreement include:

• Making its maturity perpetual;

• Raising its annual interest rate to 10% from 9.15%;

•Altering the write down and interest cancellation provisions and reflecting the exchange measure; and

•Adding a provision under which the borrower may in certain circumstances without the consent of the issuer, but subject always to the prior written consent of the Central Bank of the Russian Federation, amend the subordinated loan agreement so that the loan becomes or remains compliant for inclusion into tier 1 capital.

The issuer is a lender based in Khanty-Mansiysk, Russia.

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