Svobodny Sokol offers debt restructuring on RUR1.03bn bond issue

February 10, 2009
Svobodny Sokol has offered bondholders debt restructuring on Series 03 bond issue worth RUR1.03bn, according to Trust Bank, the issue arranger.

On December 22, 2008 the company defaulted on a put option on this issue failing to pay RUR1.195bn. A part of the issue was then purchased by companies close to the borrower and withdrawn from the market.

The proposed restructuring scheme presupposes the following:

- a coupon payment for bonds not bought back in the framework of the put option at 21% for coupon 4 and 18% for coupons 5-7;
- the principal to be paid in quarterly installments till H1 2010.

Raiffeisenbank is understood to be the agent on restructuring.

  • Status
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
    1,200,000,000 RUB
  • М/S&P/F
    — / — / —
Company — Svobodny Sokol
  • Full name
    Open Joint Stock Company Svobodny Sokol
  • Registration country
  • Industry
    Ferrous metals