26 Jul 2022 14:25

Ukreximbank transfers some $26 million in Eurobond payments

MOSCOW. July 26 (Interfax) - Ukraine's state-owned Export-Import Bank (Ukreximbank) at the end of last week made timely and full payments on its Eurobonds maturing in 2025, including the coupon and principal debt amortization, the Ukrainian media quoted the bank's press service said.

Including the earlier repurchased Eurobonds, the bank paid around $26.2 million in total, the press service said.

As reported earlier, the bank's Eurobonds issued in 2015 for $600 million at 9.75% as part of the restructuring process and maturing in 2025 envisaged the redemption of 50% of the principal amount on January 22, 2021, and the redemption of the remaining 50% by eight equal installments every six months starting July 22, 2021.

In November 2020, Ukreximbank repurchased its 2025 Eurobonds for $215.948 million at 104.5% of their nominal value.

The bank said on April 1, 2022 that between January 28 and February 17 of this year it repurchased Eurobonds for another $58.82 million, including $22.06 million in outstanding principal debt.

As result of the overall nominal value of these securities currently in circulation declined to $324.53 million, including outstanding principal debt to $121.7 million.

In June of this year, Ukreximbank reached an agreement with the holders of its Eurobonds that the terms of the loan agreement on maintaining liquidity would be suspended for the period of martial law in Ukraine and for six months after it is lifted.

Ukreximbank was established in 1992 and is solely owned by the state.

According to National Bank of Ukraine data, Ukreximbank was Ukraine's third largest bank by total assets (208.860 billion hryvni) out of Ukraine's 69 banks that operated as of June 1, 2022.