Konstantin Zhevago
Finance and Credit Bank announced a default on international securities in connection with the bank's recognition as insolvent.
The information was transmitted through the issuing entity, Finance & Credit Ukraine BV, in the Netherlands. The amount of the defaulted securities was $100 million. It was also noted that no payments would be made during the temporary administration of the bank.
As a reminder, in November 2006, Finance and Credit issued its debut loan commitments for $100 million. At the end of 2009, the bank repaid 5% of the debt and raised the interest rate from 10,375% to 10,5%. In exchange, security holders agreed to extend the maturity date until January 24, 2014. At the same time, the interest rate on the new securities was reduced from 10,5% to 9,25%. The latter transaction was arranged by the British bank VTB Capital.
The NBU introduced a temporary administration at Finance and Credit Bank on September 18, and the day before it was declared insolvent.
The bank's primary beneficiary is the majority shareholder and CEO of the mining company Ferrexpo, Ukrainian businessman Konstantin Zhevago. Ferrexpo is already seeking another shareholder.
SKELET-info
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