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Ukraine to convert VTB loan into long-term facility

Ukraine to convert VTB loan into long-term facility

28 November 2011

VTB’s USD 2.0 bln loan to Ukraine maturing in the coming weeks is likely to be converted into a long-term Eurobond under a deal expected to be finalized by mid-December, Prime Minister Mykola Azarov said in an interview with Kyiv Post on Friday. Azarov denied rumors Ukraine was seeking another VTB loan of up to USD 5.0 bln. Svetlana Rekrut: News on restructuring the VTB loan was expected given raising new debt in the current market environment would be a challenging task for Ukraine. The deal would considerably improve public debt maturity profile and ease balance of payments pressures. In addition to the VTB loan, Ukraine is also due to redeem USD 600 bln in Eurobonds by yearend.

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