BTA Bank Repays USD 8,7 mn to Holders of Slavinvest Finance S.A. Notes
OREANDA-NEWS. January 21, 2010. BTA Bank repaid 10% of the principal amount of notes of Slavinvest Finance S.A., including accrued coupon over the period from December 21, 2009 till January 15, 2010. Moreover BTA Bank paid a nonrecurrent premium to noteholders, who voted for extension. Thus the total of payments by BTA Bank to investors was USD 8.7 million, reported the press-centre of BTA Bank.
Notes of BTA Bank were issued by special purpose vehicle Slavinvest Finance S.A. incorporated in Luxembourg in December, 2006 in the amount of USD 100 million at 9,875% per annum. In 2009 BTA Bank repurchased and repaid a part of notes in the amount of USD 31 million.
On January 4, 2010 the meeting of noteholders approved the proposal of BTA Bank to change the note repayment schedule. The proposal, in particular, suggested extension of the final maturity date, transformation of the bullet repayment of the principal amount into the amortization profile, as well as to change the periodicity of accrued coupon payments.
As of January 15, 2010, the principal amount of Slavinvest Finance S.A. notes outstanding is USD 62,9 million.
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