UKRAINE: The holders of two issues of Eurobonds totalling US$895m have accepted proposals from national railway Ukrzaliznytsia to delay the repayment of the principal debt by two years. UZ explained that this would reduce the burden on its liquidity and contribute to stable operations during wartime and in post-war conditions.
‘Almost 12 000 of our infrastructure assets have been damaged by the aggressor’, said UZ Chairman Oleksandr Kamyshin. ‘But we do not stop, because we understand that the security and economy of the country depend on us.
‘This restructuring will free up financial resources to eliminate the consequences of Russian aggression, restore communication with the de-occupied territories and return normal life to the affected regions of Ukraine.’
The repayment of Eurobonds issued in 2019 has been postponed from 2024 to 2026, while those issued in 2021 have been postponed from 2026 to 2028. Coupon payments due in 2023-24 have also been postponed to January 2025, with the possibility of their capitalisation.
The agreement reached on December 23 has been implemented with the support of the Ukrainian government, Ministry of Finance, Commissioner for Public Debt Management and UZ advisers JP Morgan and Dragon Capital.
