Kharkiv State Aircraft Manufacturing Company announced that it was unable to pay off Series A-C bonds with a total par value of UAH 440 million due to a lack of funds.
Following the announcement by Kharkiv State Aircraft Manufacturing Company that it was unable to pay off its bonds, the fulfillment of its obligations to owners and settlement will be carried out in accordance with the terms of the state guarantee provided for the securities.
As is known, in 2009, KSAMC issued bonds totaling UAH 1,62 billion. The issue consists of seven series: Series A for UAH 300 million, Series B and C for UAH 70 million each, Series D and E for UAH 220 million each, Series F for UAH 357 million, and Series G for UAH 383 million. The bonds have maturities of 63 to 72 months. The maturity of Series A-C bonds is scheduled for November 10-11, 2014.
The coupon rate for Series A-F bonds is set at 11% per annum for the entire period of issue; for Series G bonds, it is 16,5% per annum for the first year of issue. There is no put option for the bonds. The Ukrainian government acts as guarantor for the principal repayment obligations.
KSAMC, along with Kyiv-based Antonov State Enterprise and State Enterprise Plant 410 Civil Aviation, has been part of the Antonov State Aircraft Manufacturing Concern (SAC) since 2008. In 2013, KSAMC increased its net loss under Ukrainian accounting standards by 86,79% to UAH 330,11 million, while net income decreased by 12,91% to UAH 311,49 million.
A BUSINESS
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