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Ukraine and the Ad Hoc Creditors' Committee agree on Indicative Heads of Terms for restructuring of sovereign and sovereign guaranteed Eurobonds
28 August 2015 15:20

Ukraine and the Ad Hoc Creditors' Committee agree on Indicative Heads of Terms for restructuring of sovereign and sovereign guaranteed Eurobonds

Kyiv / London, 27 August 2015: Ukraine and the Ad Hoc Creditors' Committee ("AHC"), which comprises Franklin Advisers, Inc., BTG Pactual Europe LLP, TCW Investment Management Company and T. Rowe Price Associates, Inc., have agreed on Indicative Heads of Terms ("IHT") for the restructuring of 14 sovereign and sovereign-guaranteed Eurobonds for an outstanding principal of c. US$ 18 bn. This perimeter includes all eleven outstanding sovereign Eurobonds of Ukraine and three sovereign guaranteed Eurobonds of FinInPro.

Both Ukraine and the AHC are pleased that a consensus on the best way forward for Ukraine has been found and look forward to working together to ensure the rapid implementation of the deal.

This agreement will allow Ukraine to fulfil, thanks to the collaboration of its most significant creditors, a key element of the implementation of the IMF-supported Extended Fund Facility (“EFF”) agreed in March 2015.

“This agreement is a very important milestone for Ukraine. It is the outcome of negotiations that were difficult but conducted in good faith. Ukraine gets a very immediate and very significant debt reduction worth up to US$3.6 bn while maintaining its status in capital markets, a significant plus for our economy and our banking system. We get some US$11.5 bn financing for our IMF-supported Program, giving us the necessary financial breathing space. Importantly, we align our interests with our creditors. I call on all bondholders to support this operation", announced Minister of Finance of Ukraine Natalie Jaresko.

Igor Hordiyevych of BTG Pactual, Michael Hasenstab of Franklin Advisers, Penny Foley of TCW and Mike Conelius of T Rowe Price, representing the Ad Hoc Creditors' Committee, said:

“As long-term investors in Ukraine, we are pleased that terms have been agreed that will allow Ukraine to maintain its access to capital markets and provide the stable economic platform that will help the country to restore growth.

This agreement is confirmation of the private sector’s confidence and belief in Ukraine and our willingness to invest in its future recovery. The Committee echoes the Minister’s call for bondholders to support the deal and urges the official sector to follow its lead by providing Ukraine with non-debt support in the form of grants.”

A complete list of preliminary terms and other information can be found on the website of the Ministry of Finance  www.minfin.gov.ua

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