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Ukraine’s Oschadbank gets consent to exchange 8¼% notes, 8 7/8% notes
By Angela McDaniels
Tacoma, Wash., Aug. 3 – JSC Oschadbank, the State Savings Bank of Ukraine, received noteholder approval of its exchange offer, according to announcements from the bank.
As previously reported, the noteholders were asked to approve an offer under which the bank is offering new notes due 2023 for the $700 million 8¼% loan participation notes due 2016 issued by SBB No. 1 plc and new notes due 2025 for the $500 million 8 7/8% loan participation notes due 2018 issued by SBB No. 1.
The consent solicitation began July 6. Approval was granted at a meeting on Aug. 3.
To gain approval of the resolutions, Oschadbank needed the support of at least three-quarters of the votes cast at the meeting.
D.F. King Ltd. (+44 20 7920 9700 or ukraine@dfkingltd.com) was information agent, and Bank of New York Mellon, London Branch (+44 1202 689644 or debtrestructuring@bnymellon.com) was tabulation agent.
Oschadbank is based in Kiev, Ukraine.
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