10:48 27.11.2015

Finance ministry calls on Kyiv city bond holders to give consent to exchange offer

1 min read
Finance ministry calls on Kyiv city bond holders to give consent to exchange offer

The Finance Ministry of Ukraine supports the exchange offer made by the Kyiv city for its 2015 and 2016 eurobonds representing a total of $550 million, the ministry has said on its website.

The ministry said that participating holders of those bonds will receive, after a 25% haircut, in equal parts, two sovereign bonds maturing in 2019 and 2020 with a 7.75% coupon and GDP growth-linked warrants for 25% of the nominal, which are fungible with warrants issued for the sovereign operation.

As reported, last week Kyiv proposed that the holders of its eurobonds worth $250 million maturing in 2015, and $300 million maturing in 2016, should support the exchange of securities for Ukrainian eurobonds maturing in 2019-2020 and GDP growth-linked warrants.

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