Peresvet redeems 2 bln rubles in 3rd series bonds held by bail-in dissenters
MOSCOW. June 23 (Interfax) - Peresvet Bank has redeemed in full 2 billion rubles in 3rd series bonds owned by bondholders who declined to participate in the bank's bail-in, Peresvet reported.
The bank also paid 67.26 million rubles in interest on the 3rd series bonds for the period when the moratorium on creditor claims was in effect (October 21, 2016 to April 23, 2017) and 43.56 million rubles for the sixth coupon (April 24-June 22).
Under the proposed restructuring, Peresvet offered bondholders a small compensation payment in order to move the bond maturities back to 2034-2036 (depending on the original maturity date) and set the coupon rates for all bond issues to maturity at 0.51% pa.
In addition, bondholders, along with other creditors that consented to the bail-in, were to receive 15% of their claims in cash, with the rest converted into equity in the bank.
The holders of six out of nine bond series accepted the restructuring offer. The holders of the Bo-01, Bo-04 and 3rd bond series did not.
Peresvet began paying coupons on the 3rd and Bo-01 series in April. At the beginning of June, the Central Bank acknowledged for the first time that those who did not consent to the bail-in would receive cash payment in full, putting them in a better position than those creditors who agreed to participate.
On April 19, the Central Bank approved a rescue of Peresvet via a bail-in (conversion of liabilities into equity). The Central Bank is providing 66.7 billion rubles in financing. RRDB, which is controlled by Rosneft , was selected to carry out the rescue.
The Central Bank appointed outside management at the bank and imposed a moratorium on creditor claims on October 21, 2016.
Peresvet Bank was the 42nd biggest Russian bank by assets as of the end of the third quarter of 2016 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.