Ukrainian Bank Reaches Debt Deal as Sovereign Deadline Nears
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Ukraine’s third-biggest bank reached a deal with a bondholder group to change terms on almost $1.5 billion of debt as the government gears up for tougher negotiations with sovereign creditors.
State Export-Import Bank of Ukraine, known as Ukreximbank, said holders of close to 30 percent of its 2015, 2016 and 2018 bonds favor the plan, which increases coupon sizes and extends maturities by seven years. The proposal, which bondholders will vote on next month, offers early repayment of 50 percent of principal and no writedowns, according to a statement on the bank’s website. The 2016 and 2018 securities rallied at least 2 cents each.