Maturities on their holdings will be extended by up to 24 additional months.
Senior unsecured debt holders are to email firstname.lastname@example.org to provide details of their specific holdings in respect of each senior unsecured debt instrument.
“It is intended that a committee comprising representatives of the senior unsecured debt holders will be formed to engage with the Curator and develop the detailed amended terms for contemplation of all such parties,” the statement said.
Sarb Governor Gill Marcus announced at the time that six South African banks and the Government Employees Pension Fund (represented by the Public Investment Corporation) would underwrite R10 billion to capitalise the “Good Bank”.
The Good Bank refers to R26 billion of core lending assets, net of portfolio impairments.
Having already taken a 10% haircut on their holdings, senior unsecured debt holders that agree to amended terms will continue to accrue interest during curatorship, which the Good Bank will settle within five business days of the effective date of restructuring.
The restructuring is expected to be completed in the first quarter of 2015.
The statement provided little substance as to proposed amended terms and the implications for subordinated debt holders.
Unlike seniors, subordinated debt holders can claim only after all other debts are paid.