Oschadbank welcomes the formation of an Ad Hoc Committee by Certain Holders of the 2016 and 2018 Notes and the 2017 Subordinated Loan

28 May 2015

Oschadbank welcomes the formation of an Ad Hoc Committee by Certain Holders of the 2016 and 2018 Notes and the 2017 Subordinated Loan


Public Joint Stock Company “State Savings Bank of Ukraine” (the “Bank”) is pleased to welcome the announcement by Black River Asset Management LLC, Franklin Templeton Investment Management, Oaktree Capital Management, L.P., Pioneer Investment Management Limited, Spinnaker Capital Limited, and VR Capital Group Ltd that they have formed an ad hoc committee (the “Ad Hoc Committee”) of holders of the US$700,000,000 8.25 per cent. Loan Participation Notes due 2016 (ISIN: XS0594294695) (the “2016 Notes”) issued by SSB No.1 Plc (the "Issuer"), the US$100,000,000 Subordinated Loan due 2017 with RBS as Agent (the “2017 Subordinated Loan”), and the US$500,000,000 8.875% Loan Participation Notes due 2018 (ISIN: XS0906434872) (the “2018 Notes” and together with the 2016 Notes and the 2017 Subordinated Loan, the “Debt Instruments”) issued by the Issuer and/or the Bank.

The members of the Ad Hoc Committee have advised the Bank that they look forward to discussing the reprofiling of the Debt Instruments with the Bank in the coming weeks.

Andriy G. Pyshnyy, the Chairman of Bank’s Board of Directors, commented:

”We welcome the formation of the Ad Hoc Committee. We look forward to productive discussions with the Ad Hoc Committee members and hope that their support will help the Bank to secure the approval of the reprofiling of the Debt Instruments on terms mutually beneficial to the Bank and its creditors.”

For queries in relation to the reprofiling of the Debt Instruments, please contact: Oschadbank@lazard.fr

For queries in relation to the formation of the Ad Hoc Committee, please contact:

Camille Abousleiman – CAbousleiman@dechert.com

Giles Belsey – Giles.Belsey@dechert.com

28.05.2015