RBC announces results of debt restructuring
Moscow, September 7, 2010 â€” Today, OJSC RBC-TV Moscow (hereinafter, the â€œCompanyâ€) announced the results of restructuring of the RBCâ€™s debt.
As of early September, settlements have been made with 98.5% of RBCâ€™s creditors, which, in turn, brought the groupâ€™s aggregate liabilities to creditors down from $261m (with the effect of accrued interest) to $214m, and the debt currently consists of the following instruments:
- 5-year bonds worth $127m, including Ruble bonds worth $3.8m.
- 8-year bonds worth $83m, including Ruble bonds worth $2.4m.
- 5-year warrants in the amount of 20.6m, including call options in the amount of 196,000.
- 8-year warrants in the amount of 18.2m, including call options in the amount of 246,000.
In order to learn more about the commercial and legal terms of the abovementioned instruments, please visit the http://restruct.rbc.ru website.
The amount of cash payments to creditors as part of the restructuring amounted to $31m.
Ruble bonds series BO-04 and BO-05 for a total of the equivalent of $4m are still subject to restructuring. For all creditors who have not yet exchanged their debt, but wish to do so in the future, the Company is willing to allow participation in the restructuring on identical terms.
"The completion of the process, which took over a year to agree upon, is the final step in ensuring RBCâ€™s stable financial position. We are absolutely satisfied with the results we have achieved, as they permit us to focus on the holdingâ€™s operations and business so as to ensure further steady growth. We would like to express our gratitude to all our creditors for their patience, support and confidence in RBC," General Director of OJSC RBC-TV Moscow German Kaplun said.