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JSC "Ukreximbank" announced the early results of the tender offer for repurchase of notes issued on international markets

10 / 11 / 2020

Yesterday, on November 9, 2020, the Bank in accordance with the terms and conditions of the Tender Offer Memorandum dated 26.10.2010 announced the Early Tender Results for the redemption of the Notes issued by Biz Finance PLC.

Aggregate principal amount tendered prior to the Early Tender Deadline was:

  • for Notes due 2022 – USD 84,047,000 at par;
  • for Notes due 2025 – USD 372,689,000 at par.

Aggregate principal amount accepted by the Bank for repurchase was:

  • for the Notes due 2022 – USD 84,047,000 at par;
  • for the Notes due 2025 – USD 215,948,000 at par.

“Ukreximbank, for the first time among other Ukrainian Eurobonds issuers has conducted a pro-active liability management transaction without a simultaneous placement of a new issue (cash-tender). In general, the market conditions have contributed to the successful completion of tender book building. Notes redemption transaction optimizes the price parameters of the Bank's liabilities and, accordingly, improves the structure of its balance sheet. Improving the financial situation is one of the priorities set by the Government for further effective activity in the domestic market and globally", – said Ievgen Metsger, Chairman of the Management Board of the JSC “Ukreximbank”.

 “This transaction is a true milestone for Ukrainian issuers and for Ukreximbank in its continued effort to optimise its profitability and liability profile. The successful outcome and market reaction offers testimony to the issuer’s capital markets presence and insight, offering investors a well-received exit price, while navigating volatility in challenging markets. GS is very pleased to be associated with this transaction and Ukreximbank as an issuer”, – said Neil Slee, Managing Director, Co-Head of Growth Markets Capital Markets at Goldman Sachs (acting as Dealer Manager).

The compensation for the Notes due 2025 was 104.5 per cent, for the Notes due 2022 – 103.75 per cent and in accordance with the terms and conditions of the Tender Offer today, on November 10, 2020, the Bank made settlements for the accepted Notes.

It should be recalled that on October 26, 2020 the Bank officially invited holders of the outstanding Notes due 2025 with a coupon of 9.75% and Notes 2022 with a coupon of 9.625%, issued by Biz Finance PLC for providing loans to JSC “Ukreximbank”, to tender up to USD 300 mln in aggregate principal amount of such Notes for repurchase.