Cabinet of Ministers authorizes launch of Eurobond exchange to implement the sovereign debt restructuring operation

Kyiv, 22 September 2015

Following the adoption last Thursday by constitutional majority of the Verkhovna Rada of the necessary legislation for the debt restructuring operation, the Cabinet of Ministers of Ukraine has authorized today the launch of the corresponding exchange of Eurobonds.

This exchange will provide participating investors with new financial instruments, in line with the agreement reached on 27 August with the ad hoc creditors' committee.

This offer will be launched in the international markets today. It is expected to be finalized by 1 December. 

In order to facilitate completion of this exchange offer by targeted timeline, the Cabinet of Ministers of Ukraine introduced a temporary suspension of payments under certain instruments as envisaged under the agreement with the ad hoc creditors' committee and provided in the launch resolution.

The International Monetary Fund has issued today a letter calling on all bondholders to support the proposed exchange operation (to be found at www.imf.org) 

Natalie Jaresko, Minister of Finance, said "I call on all bondholders to support the proposed exchange. It will implement the agreement reached end August with our largest creditors. As has been stated by the President and the Prime Minister of Ukraine, and is made clear in the exchange documentation, no creditor will be offered better terms than those of this exchange".