Ukraine accepts all $806.16 million tendered 2021, 2022 notes

By Marisa Wong

Los Angeles, July 24 – Ukraine, represented by the Minister of Finance of Ukraine, said it has accepted for purchase all of the $806.16 million of notes tendered under its previously announced switch tender offer for a final maximum acceptance price of $846,150,610.

Ukraine had offered to purchase for cash its outstanding $1,409,282,000 7¾% notes due 2021 (ISIN: XS1303920083, US903724AN29) and $1,383,692,000 7¾% notes due 2022 (ISIN: XS1303921214, US903724AP76) for up to an aggregate purchase price of $750 million across both series of notes combined.

The one-day offer expired at 10 a.m. ET on July 23.

Holders had tendered and the issuer accepted for purchase $434,819,000 of the 2021 notes and $371,341,000 of the 2022 notes.

The purchase price is $1,045 per $1,000 of 2021 notes and $1,055 per $1,000 of 2022 notes.

Originally, the issuer had planned to accept notes for purchase according to acceptance priority level, subject to proration, in the event that the $750 million overall tender cap is exceeded. The 2021 notes had priority in acceptance over the 2022 notes.

The tender offer is being made in connection with a concurrent offering of new notes, proceeds of which will be used in part to fund the tender offer.

The tender offer is not conditioned on closing of the new notes offering but is conditioned on pricing of the new notes.

The tender offer is expected to settle on July 28, and the new notes are expected to settle on July 30.

Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com) and J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com) are dealer managers for the tender offer.

Lucid Issuer Services Ltd. (+44 20 7704 0880, ukraine@lucid-is.com, www.lucid-is.com/ukraineor) is the information agent.

As previously reported, Ukraine launched a similar switch tender offer for the 2021 and 2022 notes on July 1.

However, that tender offer was cancelled along with a concurrent offering of new notes due to the resignation of the governor of the National Bank of Ukraine, Yakiv Smolii.

Under the previous offer, Ukraine had planned to purchase the 2021 notes at $1,035 per $1,000 principal amount and the 2022 notes at $1,042.50 per $1,000 principal amount.

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