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ARTA restructures Ukrgasbank’s debt

ARTA and its partner – ING Bank have successfully restructured Ukrgasbank’s obligations comprised of the syndicated loan from Standard Bank and Series A, B and C obligations.

The LPN holders and bondholders were offered equal restructuring terms the creditors considered fair, namely:

-          Extension of maturity for 3 years;

-          Up to 20% repayment on the date of restructuring launch;

-          Quarterly repayment of the principal starting from February 2010.

Currently, more than 75% of creditors have accepted the proposed terms and signed the relevant agreements. The negotiations with the opposing investors are still in process, with adherence to the principles of transparency. It should be underlined that all investors are offered the same equal restructuring terms. No exceptions are made in order not to infringe anyone’s interest.

Successful restructuring was one of the key prerequisites for capitalization of Ukrgasbank by the state. It allowed proceed with the Bank’s further financial restructuring.

Note:

On July 21, 1993 the National Bank of Ukraine (NBU) registered CJSB Hadjibei bank under No. 183. In 1995 the Bank was renamed JSB Intergasbank. Ukrgasbank is a successor of Intergasbank. As of May 1, 2009 the bank’s client base comprised about 600,000 individual clients, over 15,000 of SME, and approx 2,000 of major companies.

ARTA Investment Group includes ARTA Investment Partners Ltd., ARTA Securities Ltd., and ARTA Assets Management Ltd. Since 2002, ARTA provides a full range of investment banking services including brokerage, corporate finance and asset management. ARTA has attracted approx USD 1.5 billion of investments to the local market.