19 Oct 2009 13:59

Pharmacy Chain 36.6 receives approval from 94% of bondholders to restructure bond debt

MOSCOW. Oct 19 (Interfax) - OJSC Pharmacy Chain 36.6 has reached agreement with 94% of the holders of its first series bond issue worth 1.8 billion rubles for the issue's restructuring, the company said.

The restructuring was implemented through an exchange of the first series for a new second series issue.

According to the main terms of the restructuring, the payment of the debt will be executed through six quarterly installments between March 2011 and June 2012.

The coupon rate for the entire period of the issue's restructuring come to 18%.

It was earlier reported that the first coupon would be paid on December 8, 2009. The payment of the last coupon will take place on June 5, 2012. At the end of the sixth and seventh coupon periods, 10% of the bonds will be paid at face value. At the end of the eighth, ninth, tenth and eleventh coupons, 20% of the coupon will be paid at face value.

Raiffeisenbank is the agent for restructuring the issue.

The company is currently continuing a dialog with the remaining holders of its first series bond issue.