Ukraine announced a four-day extension – until the evening of August 27 – of the deadline for early consent to the exchange of Eurobonds within the framework of their restructuring, which provides the holders with the most favorable conditions, according to the Ministry of Finance of Ukraine.
Meanwhile, the settlement date remains unchanged and is expected to occur on or around August 30, 2024. In turn, the special committee of creditors of Eurobond owners stated that it supports Ukraine’s decision to extend the term of early consent. “By giving the holders of the relevant notes additional time, the committee believes that this will help maximize participation and therefore increase the likelihood of success of the (exchange) proposal,” the committee noted.
Voluntary participation in the exchange and submission of applications during the early consent period enables holders of Eurobonds to receive a 1.25% additional cash reward and new series B bonds for 12.65% of the Eurobond amount. On July 22, Ukraine announced that it had agreed to restructure $23B in Eurobond debt.