Overview:
- Ukraine's export import bank, Ukreximbank, has restructured the terms of three bonds due 2015, 2016 and 2018 with a combined value of $1.475 billion.
- Bondholders agreed to extend the maturities of the bonds by seven years, the coupons were increased and the repayment schedules were changed to amortising.
- The $750 million 8.37% 2015 notes were amended to mature in April 2022, with the coupon increased to 9.625%.
- The $125 million floating rate 2016 notes were amended to mature in February 2023, with the coupon increased to six month Libor plus 7%.
- The $600 million 8.75% 2018 notes were amended to mature in January 2025, with the coupon increased to 9.75%.
- The debt restructuring formed part of a wider $18 billion sovereign financial restructuring Ukraine was undertaking as its economy contented with recession and currency devaluation.
- Financial support from the International Monetary Fund in the form of a four-year $40 billion programme was contingent on Ukraine restructuring its external debt.
- Ukraine's debt restructuring - barring bonds held by Russia - was completed in August 2015.
Ben Naylor - Regional editor