9 November 2010, Tuesday
PUBLIC JOINT STOCK COMPANY “FIRST UKRAINIAN INTERNATIONAL BANK” (“FUIB”) has concluded a consent solicitation in respect of the U.S.$275,000,000 11 per cent. Loan Participation Notes due 2014 (the “Notes”), of which U.S.$257,424,000 are currently outstanding, issued by, but without recourse to, Standard Bank Plc, (the “Issuer”) for the sole purpose of funding a loan to FUIB. The purpose of the solicitation, as more fully described in a consent solicitation memorandum dated 5 October 2010 (the “Consent Solicitation Memorandum”), was to request Noteholder approval for certain amendments to 1) the terms and conditions of the Notes; 2) the Original Loan Agreement as amended by the First Supplemental Loan Agreement and the Second Supplemental Loan Agreement, entered into by the Issuer and FUIB; and 3) the Original Trust Deed as supplemented by a First Supplemental Trust Deed and Second Supplemental Trust Deed entered into by the Issuer and the Trustee.
In particular it was requested to provide consent to the anticipated corporate reorganisation of FUIB and PJSC "Dongorbank" by way of merger or accession and a waiver of FUIB’s obligation to procure an injection of additional U.S.$50 million capital by the end of 2010 due to a high current level of FUIB’s capitalisation.
At a meeting of the Noteholders held at 10.00 a.m. (London time) on 8 November 2010, the Extraordinary Resolution detailed in the Notice of Adjourned Meeting dated 22 October 2010 was duly passed. Settlement is expected to take place on 15 November 2010, subject to the Effective Date having occurred.
Capitalised terms used in this announcement but not defined have the meanings given to them in the Consent Solicitation Memorandum.
