"Vodafone Ukraine" has reached a deal with its eurobond holders for a total of $399.88 million to postpone the maturity by two years – to February 11, 2027. The proposal includes a partial repayment of $99.88 million plus accrued interest, an increase in the coupon rate from 6.2% to 9.6%, and a 2% fee based on the nominal value.

The decision was made by the eurobond holders' meeting on February 5, as reported by "Interfax-Ukraine".

"Accordingly, the documentation for the amendments has been signed and will come into full effect upon receiving notification from the National Bank of Ukraine, which is expected to occur around February 6, 2025. The payment date is anticipated to be around February 11, 2025," the exchange information states.

Earlier, this proposal was agreed upon by "Vodafone Ukraine" with a special committee representing 31% of the bondholders and other holders who collectively owned 49% of all bonds.

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

At the same time, following some easing of these restrictions, "Vodafone Ukraine" can service the interest on the eurobonds.

Reminder:

Vodafone reported further decline in revenues in Germany – its key market, which has become a weak spot amid growth in the UK, Turkey, and Africa.