Ministry of Finance welcomes the settlement of City of Kyiv's external debt

12/23/15

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 Instruments.

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.

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