The Ministry of Finance of Ukraine is pleased to announce that the
settlement of Ukraine's debt restructuring, including delivery of new Ukrainian
sovereign securities to holders entitled thereto, is expected to occur
on 12 November 2015. The terms of the restructuring were approved by 13
series of outstandingsovereign and sovereign guaranteed bonds at
bondholders meetings held on 14 October 2015.
The only series of Ukrainian bonds which did not approve the terms of the
restructuring, and whose holders will accordingly be ineligible to receive new
sovereign securities on the settlement date, is the December 2015 USD3bn
bond.
Settlement of the exchange offer will result in the restructuring of
c.US$15bn of Ukraine’s external debt, achieve a 20% debt reduction for Ukraine
(c.US$3bn) and allow Ukraine to avoid paying any of the previously scheduled
US$8.5bn of principal falling due under such bonds during the next four years.
This success represents the outcome of seven months of intensive work of
all Ukrainian authorities, coordinated by the Ministry of Finance, to convince
Ukraine's bondholders of the necessity of a debt restructuring.
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