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Ukraine says it has creditor approval for growth-related warrant changes

The holders of Ukraine's GDP warrants have granted their consent to the country's request for suggested amendments to the securities, according to preliminary voting results published in a filing on Tuesday.

August 09, 2022 / 06:20 PM IST
Ukraine's President Volodymyr Zelenskiy attends a news conference at the Kyiv metro station, as Russia's attack on Ukraine continues, on April 23, 2022. - Reuters

Ukraine's President Volodymyr Zelenskiy attends a news conference at the Kyiv metro station, as Russia's attack on Ukraine continues, on April 23, 2022. - Reuters

Ukraine has gained the necessary approval from holders of its GDP warrants to its request for proposed changes to the securities, preliminary results of a vote released in a filing on Tuesday showed.

The Ukrainian government launched a proposal in July to change conditions on its $2.6 billion of outstanding GDP (gross domestic product) warrants, a derivative security that triggers payments linked to economic growth.

"Approximately 93% of Holders of the Notional Amount of Securities outstanding were represented for quorum purposes and approximately 91% of such Holders had voted in favour of the Extraordinary Resolution," Tuesday's statement said.

Ukraine said that final results will be announced after a meeting on Wednesday.

Kyiv is also asking creditors to defer payments on the war-torn country's international bonds for 24 months as Ukraine seeks to avoid a potential $20 billion debt default.

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Reuters
first published: Aug 9, 2022 06:20 pm
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