OAO Pharmacy Chain 36.6 restructured 94% of the bonds series 01

October 19, 2009, Moscow — OAO Pharmacy Chain 36.6 jointly with ZAO Raiffeisenbank, acting as the Restructuring agent and consultant, reached the agreement with 94% of the series 01 bondholders for the total amount of RUR 1.8 bln. Restructuring process was structured as the exchange of bonds series 01 for the new bonds series 02.

The main terms of the restructuring are the following:

• Principal debt  repayment — 6 quarterly payments, from March 2011 through June 2012.
• Coupon rate — 18% annually.
• Coupon payment — quarterly.

Dmitry Anisimov, CFO of OAO Pharmacy Chain 36.6:

«The successful restructuring demonstrates investors’ trust in the Company and their appreciation of the Company’s potential. Even in difficult market conditions, Pharmacy Chain 36.6 could offer investors acceptable restructuring terms. Currently the Company continues its negotiations with the remaining series 01 bondholders and believes in their successful completion».  

Reference

On July 4, 2006 OAO Pharmacy Chain 36.6 placed bonds worth 3 billion rubles with the 2-years put option in June 2008. As a result of the put option event, the Company sold back to the market a significant portion of bonds for the total amount of 1.9 billion rubles. Due to a shortage of cash, on June 30, 2009 the Company paid the coupon yield but did not meet its obligations on the repayment of the nominal value and offered investors the restructuring plan.

(PDF, 120,35 ÊÁ)

Press-release