Ukraine announced today the successful restructuring of $23 Billion of Ukraine’s Eurobonds and Ukravtodor Sovereign Guaranteed Bonds (the Restructuring). Weil advised the ad hoc committee of bondholders of Ukraine’s Eurobonds (the Committee) in connection with the Restructuring.

The Restructuring, agreed in principle between the Committee and Ukraine in mid-July, was implemented through an exchange offer and consent solicitation, pursuant to which each series of Eurobonds was exchanged for a package of new Step-Up A bonds and Step-Up B bonds. Innovative features of the Restructuring include a contingent principal increase mechanism in the 2035 and 2036 B Bonds and a loss reinstatement right should a further restructuring be required when Ukraine’s official creditors restructure their debts and assess comparability of treatment at the latest in 2027. The Restructuring provides Ukraine with significant cash flow and debt stock relief whilst supporting the restoration of the country’s access to international capital markets and thereby its future reconstruction.

Andrew Wilkinson, Co-Head of Weil’s London Restructuring practice who led the Weil team said “We are pleased to have advised the ad hoc committee of creditors on the restructuring of Ukraine’s outstanding Eurobonds, which provides Ukraine with significant cash flow and debt stock relief whilst supporting its future reconstruction by facilitating its restoration to international capital markets.”

The Weil team involved included counsel Kirsten Erichsen and associates Jamie Turley, Amedea Kelly-Taglianini and Chris Kruizinga, supported by partner, Gilles Teerlinck, and associates Pierre Brule, David St-Onge, and Roberto Storlazzi on capital markets matters.