Cabinet of Ministers approves terms to restructure government-backed loan from Citybank received by Ukravtodor in 2006

2/24/16

Following the initiative of the Ministry of Finance, the Cabinet of Ministers adopted a decree on February 24 which sets restructuring terms for the government-backed loan provided by Citybank to the Ukrainian State Agency for Motorways (Ukravtodor). The Ministry of Finance and Ukravtodor have finally agreed terms with Citybank to restructure the overdue rest amount of the loan equal to USD 41.5m.

The adopted decree "On legal transactions with government-backed debts" is another step in the efforts to restructure the foreign debts of Ukravtodor. This deal is preceded by the successful restructuring of the debts of Ukravtodor and the State enterprise “Design Bureau “Pivdenne” named after M.K. Yangel” to the JSC «Sberbank Rossiyi» totaling more than USD 360m.

According to the above decree, the Ministry of Finance is allowed to replace Ukravtodor in its debt deal by changing its loan debt amount against international bonds of Ukraine additionally issued in 2015 with the yield of 7.75% p.a. and the maturity date on September 1, 2019, as well as against additionally issued state derivatives. The bonds and derivatives amount USD 31.6m and USD 10.4m respectively.

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