Vinnitsa City to restructure Series D bonds

The City Council of Vinnitsa failed to redeem Series D bonds on December 30, 2009. The principal amount presented for redemption is UAH6m. As a result this is the second bond issue for the city to restructure, as the issuer didn’t redeem UAH4m in Series C bonds on May 30, 2009. As commented by Sergey Fursa from Astrum Investment Management, the current situation is in line with their expectations. Debt restructuring terms are known to have been agreed on by the Finance Ministry. The city repaid UAH2m and the remaining part of the principal will be restructured within 16 months with redemption scheduled for April 29, 2011. From February to December 2010 and from February to March 2011 the City Council is to pay UAH 300,000 per month with the last installment amounting to UAH 100,000 to be paid in April 2011. The coupon rate will not exceed 28%.

• Status
  redeemed
• Country of risk
  Ukraine
• Redemption (put/call option)
  *** (***)
• Amount
  6,000,000 UAH
• М/S&P/F
  — / — / —

• Full name
  Vinnitsa municipal council