Russian Standard to meet with holders of Eurobonds on March 6
MOSCOW, Feb 21 (PRIME) -- Russian Standard Ltd, which defaulted on U.S. $451 million Eurobonds maturing in 2022 in late 2017, plans to meet with holders of the securities on March 6, a representative of Roust Group of businessman Rustam Tariko told PRIME on Wednesday.
Vedomosti business daily reported that the company will suggest two options -- each holder may receive either 25% of the face value in money or 20% of the face value plus a contingent right on price of shares in Russian Standard Bank.
УWe see the deal in line with the market and fair. The offer exceeds the market value of the bonds and encompasses an additional upside for investors. The bonds will be bought back by the SPV (special purpose vehicle),Ф the representative said.
The securities were issued in late 2015 as part of restructuring of Russian Standard BankТs subordinated Eurobonds. They were issued by a special purpose vehicle and do not carry the right to demand that the bank redeem the Eurobonds.