Russia's URSA Bank OKs buyback of 9%, 10½% loan participation notes

By Jennifer Chiou

New York, Oct. 1 - URSA Bank announced that it authorized a debt repurchase program under which it may from time to time repurchase up to all of the 9% loan participation notes due May 2009 and 10½% loan participation notes due September 2009 issued by URSA Finance plc (formerly known as Sibacademfinance plc).

The Moscow-based bank said that about $351 million of the 9% notes and 4.5 billion Hungarian forints of the 10½% notes remain outstanding.

The 9% notes were issued on May 12, 2006, and the 10½% notes were issued on Sept. 21, 2006.

According to John McNaughton, managing director of URSA Bank, this program offers URSA Bank's investors the comfort of an immediate access to liquidity.

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