Ukraine extends Eurobond exchange deadline to August 27

Ukraine has extended the deadline for early consent to its Eurobond exchange until 5:00 pm New York time on August 27.

This extension aims to accommodate bondholders facing technical issues with their custodians and clearing systems, the Finance Ministry reported. The settlement date remains August 30.

The exchange offer provides bondholders who participate early with an additional 1.25 per cent fee and new series “B” bonds at 12.65 per cent of the Eurobond amount. Originally, only holders of at least 100 bonds were eligible, but terms have since been relaxed.

Ukraine’s restructuring plan, agreed on July 22, involves writing off 37 per cent of its $23 billion Eurobond debt, with a potential restoration of 12 per cent if GDP targets are met by 2028. New bonds will be issued with yields ranging from 1.75 per cent to 7.75 per cent until 2036.

The exchange requires consent from two-thirds of bondholders and at least half of each issue’s holders.