Explainer:

Ukraine races against the clock to secure debt restructuring

Tomorrow, August 10, a Grace-Period emerges on one of the government's Eurobond Issues, . .and then, the lack of payment for them would mean a default

The process of restructuring Ukraine's external debt by Eurobonds has officially started. The Ministry of Finance has announced the terms of the exchange of old bonds on the paper of the new issue

Ukraine has officially started debt restructuring

THE EXCHANGE OFFER DESCRIBED THEREIN IS DIRECTED, AND NEW SECURITIES DESCRIBED THEREIN WILL BE ISSUED, ONLY TO HOLDERS OF EXISTING NOTES (I) THAT ARE OUTSIDE THE UNITED STATES HOLDING EXISTING NOTES REPRESENTED BY AN UNRESTRICTED GLOBAL NOTE CLEARED IN CLEARSTREAM BANKING S.A. AND EUROCLEAR BANK SA/NV ("REGULATION S NOTES") THAT ARE NOT RETAIL INVESTORS (AS DEFINED BELOW) OR (II) THAT ARE HOLDING EXISTING NOTES REPRESENTED BY A RESTRICTED GLOBAL NOTE CLEARED IN THE DEPOSITORY TRUST COMPANY (OR, IN THE CASE OF EXISTING NOTES DENOMINATED IN EUROS, CLEARSTREAM BANKING S.A. AND EUROCLEAR BANK SA/NV) ("RULE 144A NOTES") THAT ARE (X) EITHER A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT AND (Y) NOT RETAIL INVESTORS (EACH OF (I) AND (II) AN "ELIGIBLE HOLDER").

.Launch of Exchange Offer and Consent Solicitation

UKRAINE, REPRESENTED BY THE MINISTER OF FINANCE OF UKRAINE

Released 13:00:10 09 August 2024

RNS Number : 9465Z

Ukraine (Ministry of Finance)

09 August 2024

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