By KYIV. Dec 21 (Interfax-Ukraine) – Ukrzaliznytsia’s proposal to defer payments for $594.9 million in eurobonds due in July 2024 was accepted by 73.5% of their holders, and to bring their number to the required 75%, the company extended the deadline for accepting applications from the evening of December 20 until the morning of December 23 inclusive.
As indicated in the report of Ukrzaliznytsia on Wednesday, the results will be summed up as soon as possible.
According to the proposal published on December 5, the maturity of eurobonds 2024 is proposed to be postponed from July 9, 2024 to July 9, 2026, and eurobonds 2026 – from July 15, 2026 to July 15, 2028, coupon payments for each of the issues is paid once every six months.
The company, in contrast to the state, which previously agreed to defer payments on its eurobonds for two years, offers a reward for agreeing to defer payments in the amount of 0.5% of par value.
Deferred coupon payments also bear interest at current rates, which the issuer can either pay in full or in part over the two years in question, or capitalize.
Ukrzaliznytsia intends to treat holders of both bond issues equally, but reserves the right to waive the cross condition at any time before the announcement of the results.
Holders of $300 million eurobonds maturing in 2026 have already agreed to the proposal to defer all payments on them for two years. At the same time, Ukrzaliznytsia said that these results are preliminary, and the final results will be announced, taking into account the opinion of holders of eurobonds maturing in 2024.
