The Ministry of Finance is pleased to
announce that on 14 October 2015 all sovereign and sovereign guaranteed bonds, with the exception of the December 2015
USD3bn bond, passed an Extraordinary Resolution approving the proposed
the exchange offer for the
13 series of bonds which yesterday
approved their respective Extraordinary Resolutions would 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. All Ukraine’s partners supported the debt restructuring.
An adjourned bondholder
meeting will be held in London on 29 October 2015 in relation to the December 2015 bond as the quorum was
not reached at the initial meeting held today. At this meeting the holders of this
bond – today the only
holdouts - will have a final opportunity to join all of Ukraine’s other
external bondholders in supporting Ukraine’s debt restructuring.
in the Exchange Offer Memorandum of the debt operation, a final decision on
settlement of the entire exchange operation will be taken by the Ministry of
Finance immediately following the adjourned meeting. If the decision is taken to proceed, it is
anticipated that settlement will occur and new securities will be delivered to
bondholders mid November 2015.