REUTERS
Ukraine has paid the first coupon on eurobonds issued as part of the country's debt restructuring operation, an informed source told UNIAN on Wednesday.
According to the source, yesterday the Ukrainian Finance Ministry finalized preparations of all the documents required before settling the payment. The source confirmed that funds have been transferred to the accounts of bondholders today.
As UNIAN reported earlier, on August 27, 2015 Ukraine and the creditors' ad hoc committee reached an agreement on the restructuring of public debt, totaling $18 billion. The restructuring involves a complete write-off of $3 billion, deferral of payments under the principal debt for four years, as well as the establishment of a single 7.75% interest rate for all bonds. The majority of holders of Ukraine's eurobonds to be restructured agreed to the general terms of the restructuring of Ukraine's debt, except Russia. Russia refused to discuss restructuring on general terms, insisting that the debt was sovereign rather than commercial one.
To finalize the debt restructuring process the Cabinet of Ministers approved the terms of the issue of new eurobonds to the tune of $11.95 billion maturing on September 1, 2019-2027. The derivatives were issued to a conditional amount of $2.9 billion, and payments on them would be effected only if Ukraine achieved certain positive macroeconomic indicators.