The repeated offer of Kyiv City to restructure $250 million eurobonds due in 2015 was supported by 59.515 of bondholders, the issuer said in an official report.

The closing date is December 22 or later.

As reported, on November 23, Kyiv City officially proposed that its bondholders give consent for exchange of the bond to Ukraine's eurobonds due in 2019-2020 and government derivatives.

The holders of $300 million bonds due in 2016 supported the proposal. The holders of 91.82% of LPNs took part in the meeting on December 8 and 99% of them gave their consent to debt restructuring.

A total of 57.07% of the holders of Loan Participation Notes (LPNs) due in 2015 supported the offer of the issuer to exchange them to Ukraine's sovereign bonds due 2019-2020 and government derivatives.

Franklin Templeton Investment Management Ltd. based in London holds 32% of Kyiv city's loan participation notes (LPNs) due in November 2015 and it has rejected the terms put forward by the City of Kyiv to restructure a $250 million bond, according to Bloomberg.

Kyiv's LPNs worth $550 million issued in 2005 and 2011 were included in the debt transaction foreseen in the IMF-supported Extended Fund Facility (EFF) program. In March 2015, Kyiv City Council approved the restructuring of municipal bonds issued in 2005 and 2011 and on November 6, 2015 the temporary moratorium on payments on the bonds was introduced.

The conditions of Kyiv's eurobonds conversion approved by the Kyiv City Council on November 5 are equal to the conditions of the sovereign bonds restructuring, apart from the sum that would replace the bonds to the GDP-linked securities increased from 20% to 25%.