Sberbank closes deal on exchange of debt of two Ukrainian state cos for Eurobonds, Ukrainian notes - bank
MOSCOW. Feb 12 (Interfax) - Sberbank closed a deal on the conversion of the debt of Ukravtodor and Yuzhnoye Design Bureau for a sum of $367.4 million in Eurobonds and Ukrainian notes for $376 million, the bank said in a press release.
The restructuring envisages the exchange for Ukrainian sovereign securities without financial losses for Sberbank, the bank said. Of the notes, which the creditor will receive, 75% are Ukrainian Eurobonds with repayment in 2019, 25% are notes, the payments for which are tied to Ukraine's GDP.
Ukrainian Finance Minister Natalie Jaresko said that an agreement had been reached with Sberbank on the debts of two Ukrainian companies on Thursday. Earlier Sberbank head German Gref spoke about the final stage of talks.
It was reported that in December 2015 the Ukrainian government imposed moratoria on payments for Ukrainian Eurobonds, the holder of which is Russia, and also for the loans of two companies under Ukrainian state guarantees.
According to a Ukrainian government order, moratoria on payments for Ukravtodor's state guaranteed loans was introduced for the 2006 credit, from March 30, 2016, for the 2009 credit - April 15, 2016 and for the 2011 loan - January 26, 2016.
Regarding the loan taken out by Yuzhnoye Design Bureau in 2011 under state guarantees, the halt of payments are planned to start from May 19, 2016.
It was reported earlier that the Ukrainian state automobile roads service (Ukravtodor) on July 2, 2011 signed a loan agreement for $376 million with Russia's Sberbank under government guarantees aimed at reconstructing and constructing roads, including as part of preparations for UEFA Euro 2012. Its terms and conditions were not made public.
The Yuzhnoye Design Bureau also announced in November 2011 the raising of a $260 million loan from Russia's Sberbank to finance the Ukrainian-Brazilian project on developing the Cyclone-4 space rocket system. The money was provided for seven years under an annual interest rate of 6%.