Russia's URSA Bank buys back portions of three series of notes

By Angela McDaniels

Tacoma, Wash., Feb. 26 - URSA Bank said it repurchased on Wednesday $42.75 million principal amount of the 9% loan participation notes due May 12, 2009 issued by URSA Finance plc, leaving $219.39 million principal amount of the notes outstanding.

Also on Wednesday, URSA Finance repurchased €91.63 million principal amount of its 7% loan participation notes due May 21, 2010 and 1.17 billion Hungarian forints principal amount of its 10½% loan participation notes due Sept. 21, 2009.

The repurchases left €308.37 million principal amount of the 7% notes and 3.33 billion forints principal amount of the 10½% notes outstanding.

As previously reported, the bank authorized a debt repurchase program for the 7% notes in January and one for the 9% and 10½% notes in October.

URSA Bank is a Moscow-based bank formerly known as Sibacadembank. URSA Finance was formerly known as Sibacademfinance plc.

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