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Ukraine received the necessary votes for the restructuring of Eurobonds

Photo: Telegram / Denis Shmigal

Ukraine and Ukravtodor plan to publish a separate announcement confirming the aggregate value of the new securities.

The Prime Minister of Ukraine Denis Shmigal reported on his Telegram channel that more than 95% of Ukrainian Eurobond holders supported the debt restructuring proposal prepared by the Ministry of Finance in cooperation with the Owners’ Committee of Eurobonds.

“This decision will save $11.4 billion in debt service over the next three years, strengthen our budget and better fund our defense,” he said.

At the same time, the Ministry of Finance of Ukraine said, in a statement to the London Stock Exchange on Wednesday, August 28, that Ukraine and Ukravtodor received the necessary votes from the owners of their Eurobonds worth about $23 billion regarding their restructuring on terms previously agreed upon in the creditors’ committee.

The euro bonds will be exchanged for new dollar Eurobonds at a rate of EUR0.8959/$1.

The Ministry of Finance expects the settlements to take place on August 30, as expected.

With respect to the existing bonds of holders who did not participate in the invitation, trading in them will be suspended in the clearing systems on August 28, 2024 for the purpose of the mandatory exchange taking effect.

“Ukraine and Ukravtodor plan to publish a separate announcement confirming the aggregate amount of new securities to be delivered by Ukraine on the settlement date,” the statement said.

The government has imposed a moratorium on Eurobonds payments

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Source: korrespondent

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