investgazeta.net
Ukraine has successfully completed the settlement of Ukraine's debt restructuring operation in respect of 13 series of sovereign and sovereign-guaranteed eurobonds, the Ministry of Finance of Ukraine reported on its website.
"Today, we close one important chapter in Ukraine's economic history and open another. Few thought we would get to this point when we launched this process eight months ago. The successful conclusion of our debt restructuring process, completed while avoiding default, leaves Ukraine's economy in a much stronger position and is an important prerequisite for our return to growth," Finance Minister Natalie Jaresko said.
As noted, this successful debt operation is a key part of the implementation of Ukraine's IMF-supported EFF Program approved in March 2015, and 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.
Read alsoUkraine OKs terms of new eurobonds for state debt swapHolders of the thirteen series of bonds which approved their respective Extraordinary Resolutions who submitted valid and timely participation instructions before the voting deadline are today being distributed new securities through the clearing systems in connection with settlement. Specifically, they are being distributed new sovereign notes carrying a coupon of 7.75% and maturing between 2019 and 2027, as well as GDP-linked securities, all as provided in the terms of the exchange offer, the statement reads.
As UNIAN reported earlier, the so-called "Russian" bonds issued in December 2013 maturing in 2015, were not included in the restructuring list.
Ukraine and the Creditors' Committee reached an agreement on the restructuring of public debt, totaling $ 18billion on August 27. A meeting was held with the holders of the Ukrainian eurobonds on October 14 in London, where more than 75% of the holders agreed to the restructuring terms.