URSA Bank to buy out its debt

URSA Bank reports the company came up with a special buy-out program for its own debt obligations. According to this program, the bank intends to buy its Eurobonds issued by URSA Finance Plc (formerly known as Sibacademfinance Plc.). This issue’s nominal volume comes to ?400m; the bank went through with the bond issue in May 2007, and these are to be retired in May 2010; the coupon interest rate was determined at 7% a year. URSA Bank is planning to buy its bonds on the market or through a number of private transactions.

URSA Bank’s Managing Director John McNaughton notes the bank’s earlier programs of the same kind were accepted well on the market. He feels this program will give URSA Bank an opportunity to maintain its reputation and prove a reliable partner for foreign investors.

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