Ukraine Completes the Restructuring of GDP-Linked Warrants

Today, December 24, Ukraine announced the successful completion and settlement of the restructuring of its GDP-linked Securities (“Warrants”), with 99.06% investor support. The transaction restores fiscal predictability, strengthens debt sustainability, and safeguards budget resources of Ukraine amid ongoing Russian military aggression.

As part of the restructuring, U.S.$2,635,058,000 of Warrants were exchanged for new C Notes due 2032 totaling U.S.$3,497,665,320, and B Notes due 2030 and 2034 totaling U.S.$ 16,904,800 each. All Warrants have now been cancelled.

This restructuring eliminates a significant contingent liability from Ukraine’s public finances. According to Ministry of Finance modelling, without this restructuring, Warrant payments between 2025 and 2041 could have reached USD 6–20 billion, depending on economic growth.

The agreement supports Ukraine’s IMF-backed debt targets and aligns with the expectations of the Group of Creditors of Ukraine.

White & Case served as legal advisor and Rothschild & Co as financial advisor to the Ministry of Finance.