At a general meeting Svyaznoy Bank bondholders reviewed the issue of making amendments to the terms of bond issue. The amendments concerned "the scope of the rights under 1-series bonds and the procedure for exercising them". Although a majority of votes was cast for this decision, it was not adopted, the bank's materials ran.
"Maybe, this decision did not suit the bondholders," Svyaznoy Bank's press service told Banki.ru.
Previously Svyaznoy Bank's board of directors approved final parameters of a deal to restructure 1-series bonds which, in line with the initial terms of the issue, will mature in August 2015.
To remind, the bank floated 3-year 1-series bonds with par value of Rub 2 bln on August 9, 2012. The bonds will mature on August 6, 2015. The par value of a bond is Rub 1,000.00. The bonds carry six semiannual coupons.
The lender reported in June that due to the lack of sufficient funds as of the date when the bonded loan is to be redeemed 1-series bondholders are planned to be made a restructuring offer that would allow the bank to avert its default and fulfill all its obligations to the investors.
The final restructuring parameters, as approved by the bank's board of directors, called for extending the maturity of the bonds by 2 years, with coupon payments to be made on a quarterly basis, and the coupon rate would be calculated as the Bank of Russia's key rate plus 3%. The par value was established to be redeemed under the following scheme: 25% of the debt to be paid on August 6, 2015, 35% in 12 months (on August 4, 2016), and 40% in 24 months.
