NUTRITEK reached fundamental understanding on the basic parameters of the restructuring of its debt with key creditors and has transferred them to the basic terms, the report says the company.
Management NUTRITEK hopes that by the end of September 2009 would be entered into agreements necessary to complete the restructuring, - notes the report.
Currently, portfolio debt includes bank loans, bonds ruble loan, as well as participation in the loan notes (LPN).
The company proposed to restructure the liabilities to banks, totaling about 1.2 billion rubles., extending the repayment period of 4 years. Interest rates that remain the same, and the unpaid interest is capitalized on the previous corresponding rates of 1%. The body of the loan will be amortized over the last 18 months of the new conditions of loan agreements.
NUTRITEK will issue new bonds at 1.320 billion rubles. with a maturity of 5 years, which will be offered in exchange of existing bonds (1.2 billion rubles.). The body of the loan will be amortized over the last 42-month period of the bonds. As a base annual interest rate will be the maximum value between 11% and the refinancing rate of Central Bank of Russian Federation.
Coupon payments will be made every six months. Until December 2010 coupon payment will be partial, with the unpaid portion of the coupon income will be capitalized on the base coupon rate. Jun 30, 2011 all accrued but unpaid coupon income will be fully paid off the bond holders. After 01 July 2011 due to coupon income will be paid in cash in full.
The company plans to restructure the obligations under the LPN, which together account for about $ 100 million, including previously accrued but not paid through the conversion of existing credit notes into a single debt instrument with a maturity period equal to 6 years. The body of the debt will be amortized over the past 36 months the period of repayment. The basic annual interest rate is set at 9% coupon payment will be made every six months. The unpaid balance of the coupon income will be capitalized on a basic annual coupon rate of 2%.
Common to all restructuring liabilities will be the amortization of debt repayment body and partial payment of interest prior to December 2010 is not paid during this period interest will accrue at the rate PIK. It follows a monetary value of interest payments: 10% - in December 2009, 30% - in June 2010, 60% - in December 2010. In the future interest payments will be fully paid in cash in the current period.
Options restructuring approved by a majority of creditors, also include, among others, provisions aimed at improving the corporate governance group. In particular, 4 out of 9 seats on the board of directors will be provided by representatives of creditors, which will improve transparency in financial decision-making in the period following the signing of documents for the restructuring. All key decisions relating to the control of financial flows and the distribution of assets of the company will be approved by a qualified majority vote of the Board of Directors of the company (at least 6). Also it is planned to provide additional security for the obligations under the restructuring.
NUTRITEK calculates in September 2009 to sign an agreement on debt restructuring of $ 1.2 billion rubles
NUTRITEK reached fundamental understanding on the basic parameters of the restructuring of its debt with key creditors and has transferred them to the basic terms, the report says the company.
Management NUTRITEK hopes that by the end of September 2009 would be entered into agreements necessary to complete the restructuring, - notes the report.
Currently, portfolio debt includes bank loans, bonds ruble loan, as well as participation in the loan notes (LPN).
The company proposed to restructure the liabilities to banks, totaling about 1.2 billion rubles., extending the repayment period of 4 years. Interest rates that remain the same, and the unpaid interest is capitalized on the previous corresponding rates of 1%. The body of the loan will be amortized over the last 18 months of the new conditions of loan agreements.
NUTRITEK will issue new bonds at 1.320 billion rubles. with a maturity of 5 years, which will be offered in exchange of existing bonds (1.2 billion rubles.). The body of the loan will be amortized over the last 42-month period of the bonds. As a base annual interest rate will be the maximum value between 11% and the refinancing rate of Central Bank of Russian Federation.
Coupon payments will be made every six months. Until December 2010 coupon payment will be partial, with the unpaid portion of the coupon income will be capitalized on the base coupon rate. Jun 30, 2011 all accrued but unpaid coupon income will be fully paid off the bond holders. After 01 July 2011 due to coupon income will be paid in cash in full.
The company plans to restructure the obligations under the LPN, which together account for about $ 100 million, including previously accrued but not paid through the conversion of existing credit notes into a single debt instrument with a maturity period equal to 6 years. The body of the debt will be amortized over the past 36 months the period of repayment. The basic annual interest rate is set at 9% coupon payment will be made every six months. The unpaid balance of the coupon income will be capitalized on a basic annual coupon rate of 2%.
Common to all restructuring liabilities will be the amortization of debt repayment body and partial payment of interest prior to December 2010 is not paid during this period interest will accrue at the rate PIK. It follows a monetary value of interest payments: 10% - in December 2009, 30% - in June 2010, 60% - in December 2010. In the future interest payments will be fully paid in cash in the current period.
Options restructuring approved by a majority of creditors, also include, among others, provisions aimed at improving the corporate governance group. In particular, 4 out of 9 seats on the board of directors will be provided by representatives of creditors, which will improve transparency in financial decision-making in the period following the signing of documents for the restructuring. All key decisions relating to the control of financial flows and the distribution of assets of the company will be approved by a qualified majority vote of the Board of Directors of the company (at least 6). Also it is planned to provide additional security for the obligations under the restructuring.
In the context of the implementation of the restructuring program in August 2009 as Group Finance Director NUTRITEK takes Eric Kolchina.
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