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$20.5 billion debt restructuring completed – Ministry of Finance

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The public and guaranteed debt of the Ukrainian government was reduced by almost $9 billion.

Ukraine has completed its debt restructuring operation. This will save a total of $22.8 billion by 2033. The Ministry of Finance reported this on September 4.

The process involved the exchange of government Eurobonds and Ukravtodor bonds worth $20.5 billion (about $24 billion including capitalized interest) for bonds with a nominal value of $15.2 billion.

It was noted that as a result of this agreement, the state debt and state guarantee of Ukraine was reduced by $9 billion. This represents a nominal reduction in the value of the loan of 37% from the first day of the transaction and a reduction in the net present value of the loan of approximately 60% (assuming a discount rate of 14%).

Debt payments are reduced by 93%, resulting in savings of $11.4 billion over the next three years. In addition, debt service costs will decrease by 77% by 2033, saving a total of $22.8 billion.

According to the Ministry of Finance, this agreement meets the goals of the IMF debt maintenance program and was approved by the Group of Creditors of Ukraine. The restructuring was carried out in cooperation with White&Case as legal advisors and Rothschild& Co as financial advisors to the Ministry of Finance of Ukraine.

It was previously reported that Ukraine’s state and state-guaranteed debt as of July 31 amounted to 6 trillion 374 billion Hryvnias, or $155.36 billion.

Ukraine is the second largest debtor to the IMF
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Source: korrespondent

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