Avangard completes restructuring of eurobonds

The High Court of Justice of England and Wales has ratified a deal on restructuring USD 200M eurobonds of Avangard agricultural holding maturing on October 29, 2015, the company has told Interfax-Ukraine.

According to the company, the corresponding hearing was held on October 26. The holders of 89.2% of the securities decided to join the agreement on retention of securities, which implies the approval of the transaction on restructuring.

As reported, on September 17, Avangard agroholding asked the holders of its eurobonds worth USD 200M due on October 29, 2015 to give their consent to restructure them for three years, until 2018.

The restructuring conditions state that the first coupon on October 29 will be paid in cash by 40% (USD 4M), in 2016 25% of the coupon, and in 2017 50% of the coupon. The first coupon of 2018 will be paid in cash by 75%, and the last 100% of cash. Interest rate remains the same at 10% per annum. Interest income is paid twice a year.

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