Deutsche Trustee Company Limited, the nationalized PrivatBank’s trustee of Eurobonds with redemption in 2018, told about its readiness to investigate compulsory conversion of securities into the capital of the financial institution, the company reported on the Irish Stock Exchange, Finance.UA reports.
The message reports that the company does not have funds for conducting investigation; however, it is ready to accept financial resources from Eurobond holders.
For this, PrivatBank’s security holders will have to go through an identification process in Deutsche Trustee Company Limited.
The trustee protects collective interests of Eurobond holders in case of such events, as default, changing terms of stock trading, control over transferring interest payment etc.
PrivatBank has 3 series of Eurobonds for USD 200 and 175 mln with redemption in 2018, for USD 220 mln with redemption in 2021.
On December 18, the Cabinet of Ministers officially approved the decision to nationalize PrivatBank.
During the operation of temporary administration, the debts to bank shareholders (including Eurobonds) fell within «bail-in» mechanism (conversion into capital).
The Privatbank’s Eurobond holders plan to challenge the conversion of bonds into the capital in court.
