Interest Rates
The portfolio acquired and owned by Gordian Holdings Limited (“Gordian Holdings”) consists of, inter alia, terminated and non-terminated credit facilities, which were initially granted by:
(a) Bank of Cyprus Public Company Limited (“BoC”), which have been transferred to Gordian Holdings pursuant to the provisions of the Sale of Credit Facilities and other Related Matters Law of 2015 (L.169(I)/2015), as amended, and/or in accordance with the Scheme of Arrangement which has been ratified on 23/05/2019 by the Nicosia District Court and which became effective on 30/05/2019.
(b) Hellenic Bank Public Company Limited (“Hellenic”), which have been transferred to Gordian Holdings pursuant to the provisions of the Sale of Credit Facilities and other Related Matters Law of 2015 (L.169(Ι)/2015) as amended and/or in accordance with the Sale and Purchase Agreement dated 29/12/2021 and/or the Instrument of Transfer dated 06/05/2022.
For terminated credit facilities, the interest rate charged by Gordian Holdings is (i) the interest rate stated in the termination letter, which is in compliance with the relevant legislation and in line with the credit facility agreements signed by the borrower and/or the relevant parties and which has been communicated to the borrower / security provider / guarantor or, (ii) in case a judgement has been issued, the interest rate stated in the judgement.
For non-terminated credit facilities, the interest rate charged by Gordian Holdings is the interest rate specified in the credit facility agreement entered into between the original lender (BoC or Hellenic) and the borrower, taking into account any fluctuations in the interest rate agreed with and/or communicated to the borrower.
In all cases, the total interest rate charged and/or recovered by Gordian Holdings should not exceed the reference rate set by the Central Bank of Cyprus from time to time.
More information about base rates and base rates’ methodologies can be found on BoC’s and Hellenic’s websites, at the following links:
BoC
- BoC’s Base Rates Definition:
https://www.bankofcyprus.com/en-gb/Personal/the-bank/other/bank-base-rates-definition/
- BoC’s Lending Reference Rates & Calculation Methodology:
https://www.bankofcyprus.com/en-gb/Personal/the-bank/other/-/
- BoC’s Base Rates:
https://www.bankofcyprus.com/en-gb/Personal/the-bank/other/--/
Hellenic
- Hellenic’s Base Rates Calculation Methodology: and Base rates: