Avangard agroholding completes restructuring of eurobonds worth $200 mln

Avangard agroholding completes restructuring of eurobonds worth $200 mlnThe High Court of Justice of England and Wales has ratified a deal on restructuring $200 million eurobonds of Avangard agricultural holding maturing on October 29, 2015.

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.

On September 17, Avangard agroholding asked the holders of its eurobonds worth $200 million 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% ($4 million), 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.

The interest rate remains the same at 10% per annum. Interest income is paid twice a year.

Avangard is a vertically integrated holding company, specializing in the production of eggs and egg goods. It is the largest player in the Ukrainian egg market.

Source: Interfax-Ukraine
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