State-owned Ukreximbank has raised the interest rate on its Eurobonds due November 14, 2029 from November 14, 2024 to 10.45% per annum, according to a stock exchange announcement by the issuer of these Eurobonds, Biz Finance Plc, on Wednesday.
According to it, the interest rate on the loan provided to the bank through the issuance of these Eurobonds has been raised to 11% per annum.
As reported, in November 2019, the bank, through Biz Finance, issued Eurobonds in the form of loan participation notes with a total nominal value of $100 million with a fixed coupon rate of 9.95% per annum and maturity in November 2029 with the possibility of early redemption in November 2024 solely for the purpose of financing the bank’s subordinated debt. Interest is payable semi-annually on May 14 and November 14.
According to Ukreximbank’s reporting, as of the middle of this year, its liabilities under the other Eurobonds issued in 2013, which finally mature on January 22, 2025, amounted to $40.566 million.
These Eurobonds, originally issued in the amount of $600 million and due in 2018, were reprofiled on July 9, 2015, with the following terms: coupon rate of 9.75% per annum; final maturity was extended by 7 years, i.e. to January 22, 2025. At the same time, 50% of the Eurobonds will be redeemed on January 22, 2021, and the remaining 50% of the bonds will be redeemed between July 22, 2021 and January 22, 2025 in eight equal semi-annual installments. In 2020 and 2022, the bank repurchased these bonds for a total amount of $238.006 million at par and canceled them.
Ukreximbank was established in 1992. The sole owner of the financial institution is the state.
According to the NBU, as of September 1, 2024, the bank ranked 3rd in terms of total assets with UAH 299.42 billion among 62 active banks. Its net profit in the first eight months of this year amounted to UAH 5.36 billion, which is 73.4% more than in the same period last year.
