Russian Standard sets restructuring completion date for 13%, 11½% notes

By Angela McDaniels

Tacoma, Wash., Oct. 30 – JSC Russian Standard Bank said Oct. 30 is the restructuring completion date for the restructuring of Russian Standard Finance SA’s $350 million 13% loan participation notes due 2020 and $200 million 11½% loan participation notes due 2024.

Under the restructuring, holders will receive a cash payment equal to 18% of par, a principal amount of new notes equal to 82% of par and an amount in cash equal to accrued interest.

The new notes will have a 13% coupon. The first three semiannual interest payments will be made in kind (unless the bank is profitable for two quarters or pays any form of dividends), the fourth payment will be made 75% in kind and 25% in cash, and all remaining interest payments will be made in cash.

The new notes will be secured by a share pledge over 49% of bank’s ordinary shares.

Oct. 27, 2016 is the deadline for the submission of account holder letters to the scheme information agent in order to receive new notes representing new notes entitlements.

Oct. 28, 2016 is the scheme completion date anniversary. The liquidation date will occur within five business days of this date.

Jan. 30, 2017 is the deadline for submission of account holder letters to the scheme information agent in order to receive the cash proceeds from the sale of the new notes representing new notes entitlements.

Feb. 5, 2017 will be the settlement trust termination date.

The information agent is D.F. King Ltd. (rsb@dfkingltd.com, +44 0 20 7920 9700 or sites.dfkingltd.com/rsb).

Russian Standard Bank is a Moscow-based lender.

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