EESTI ÜHISPANK

ANNOUNCEMENT

16.03.99

 

 

COMMENTARY TO THE 16.03.99 ARTICLE OF ÄRIPÄEV

 

As a commentary to the 16.03.99 article of Äripäev "Borrowing will 

become more expensive for Ühispank ", Eesti Ühispank would like to 

declare the following:

 

In May 1999, Ühispank will redeem bonds in value of USD 90 million. In 

order to meet this obligation, Ühispank issued bonds in total worth of 

EUR 50 million. This issue (ended on March 12, 1999) turned out to be a 

success. The price of this issue was optimal, since it was slightly 

oversubscribed.

 

Negotiations regarding refinancing of syndicate loan are currently 

being held with different parties; the bank will announce the results 

after the negotiations are concluded.

 

Liquidity of Ühispank is sufficient to enable the bank to settle now 

all foreign liabilities terminating in 1999, without including 

additional resources.

 

 

Additional information:

Andres Ojamaa

Manager of the Department of Financial Markets 

Tel.: +372 6 110 617