Ukraine will issue new Eurobonds in the framework of the restructuring completion

Moscow. November 11. The Cabinet of Ministers of Ukraine instructed to issue new Eurobonds and state derivatives in the framework of a complete restructuring of 11 issues of the sovereign Eurobonds and three issues of state-guaranteed Eurobonds “Finpro”.

The corresponding decree N912 of November 11, 2015 published on the government website.

All the old sovereign Eurobonds, with the exception of “Russian” of securities for $3 billion maturing in December 2015, and securities of state enterprise “Financing of infrastructural projects” on November 12 are extinguished and forfeited. In the decision of the government of Ukraine says nothing about the “Russian” sovereign Eurobonds worth $3 billion.

According to the document, the new sovereign Eurobonds come in denominations of $100 thousand, nine series: the first series maturing September 1, 2019 in the amount of $1 billion 154,939 million, the second maturing September 1, 2020 in the amount of $1 billion 530,997 million, the third maturing September 1, 2021 in the amount of $1 billion 377,761 million, the fourth maturing September 1, 2022 in the amount of $1 billion 354,820 million, the fifth maturing September 1, 2023 in the amount of $1 billion 330,114 million, sixth maturing September 1, 2024, in the amount of $1 billion 315,072 million, seven maturing September 1, 2025 in the amount of $1 billion 306,032 million, eighth maturing September 1, 2026 in the amount of $1 billion 295,404 million, ninth maturing September 1, 2027 in the amount of $1 billion million 286,228

The interest rate on these securities is set at 7.75% per annum. Interest income is accrued and paid twice a year – March 1 and September 1, beginning March 1, 2016.

Investors, who to date had no time to exchange old for new Eurobonds, can do this within 150 days after November 12, 2015.

The Trustee for all securities assigned to international Bank-custodian BNY Mellon Corporate Trustee Services Limited.

As reported, the holders 13 of the 14 editions of the sovereign and state-guaranteed Eurobonds totaling $14,36 billion and 0.6 billion euros have supported their restructuring on 14 October this year. Consent was not obtained only on Russian Eurobonds for $3 billion, a maturity which comes at the end of December 2015.