The Ministry of Finance of Ukraine welcomes the successful
settlement of the reprofilings of the City of Kyiv's US$250 million 8% Loan Participation Notes due 2015
(the “2015 Notes”) and US$300 million 9.375% Loan Participation Notes due 2016
(the “2016 Notes”).
As a reminder, the City of Kyiv offered its creditors the
opportunity to exchange the 2015 Notes and the 2016 Notesfor
sovereign securities. Therefore, as a result of the settlement of this
operation, Ukraine issued an additional US$175,533,000 of New Notes due 2019,
US$175,533,000 of New Notes due 2020 andUS$111,394,000 of Value Recovery
The Ministry deems that together, the terms of the exchange
of the 2015 Notes and 2016 Notes and the existence of a moratorium to suspend
payments to the remaining outstanding 2015 Notes, are in line with the
requirements to meet the three specific targets of the IMF-supported Extended
Fund Facility agreed on 11 March 2015.