"Vodafone Ukraine" has finalized an agreement with its eurobond holders on a total of $399.88 million to postpone the maturity for two years, now due on February 11, 2027. The company proposed a partial repayment of $99.88 million plus accrued interest, along with an increase in the coupon rate from 6.2% to 9.6% and a 2% reward on the nominal amount.

The decision was made during the bondholders' meeting held on February 5, as reported by "Interfax-Ukraine".

The documentation regarding these changes will be signed and will come into full effect upon receipt of notification from the National Bank of Ukraine, expected around February 6, 2025. The payment date is anticipated to be around February 11, 2025, according to exchange information.

Previously, this proposal was discussed with a special committee representing 31% of the bondholders and other bondholders, collectively owning 49% of all bonds.

The company made this request to its eurobond holders due to restrictions imposed by the National Bank of Ukraine after the onset of Russia's full-scale aggression: while the company has necessary hryvnias within the country, it cannot purchase foreign currency to service its bonds abroad.

However, after some relaxation of these restrictions, "Vodafone Ukraine" is now able to service the interest on its eurobonds.

Reminder:

Vodafone has reported continued revenue declines in Germany, its key market, contrasting with growth in the UK, Turkey, and Africa.