Monday, April 27, 2015

"Ukreximbank" reached an agreement with creditors to restructure $ 750 million of debt

State "Ukreximbank" has agreed with creditors to restructure its Eurobonds for $ 750 million, maturity which occur today, April 27, and may publish the results of these negotiations in the near future.

According to one interviewee, creditors agreed to extend the maturity of the bank on Eurobonds at $ 750 million. However the final terms, including the term extension and increase of the rate on the bonds have not yet made public.

"The information will be known soon. Negotiations were completed at 10 am London time or 12:00 - Kyiv, but so far the results are not known, "- said another official. According to him, most likely to support the proposal of the bank creditors to restructure Eurobonds, but conditions may vary from those offered by the bank.


As reported, April 21 "Ukreximbank" offered to holders of Eurobonds for $ 750 million with a maturity of 27 April 2015 to transfer 50% of the repayment of the loan in April 2019, the remaining amount - divided into equal semi-annual installments from October 2019 to April 2022. At the same time, the bank offered to raise the interest rate on the bonds to 9.625% per annum from 8,375%, currently in force.

Experts called the proposed bank restructuring conditions adequate and predicted that the creditors of support that will enable the bank to avoid default and not to interfere with further negotiations on the restructuring of the Ukrainian Eurobonds.

As UNIAN reported earlier, the government included government bonds "Savings Bank", "Ukreximbank" and "Ukrainian Railways", "Ukravtodor" and debts of local councils in the list of securities to be restructured. "Ukreximbank" announced the beginning of negotiations with the holders of Eurobonds on March 27.

Negotiations with creditors should be completed in May 2015, before the arrival of the IMF mission for the first revision of the program, under which is being restructured and part of the external debt of Ukraine.


The IMF approved a loan program of Ukraine's economy using the Enhanced total volume of 17.5 billion dollars for 4 years on March 11. The new program will allow open access to international funding of about 40 billion dollars. In the next 4 years. The first tranche of the new program in the amount of $ 5 billion, Ukraine received 13 March.

No comments:

Post a Comment