Ukraine has reached an agreement with a group of major investors on the final terms of its plan to exchange up to $3.2bn in GDP-linked warrants for a new class of bonds, the Finance Ministry said on December 8, marking the last unresolved component of the country’s sovereign debt overhaul, reported The Kyiv Independent.

The deal follows months of difficult negotiations, during which some warrant holders pressed for stronger legal protections and urged peers not to move forward until all documentation concerns were addressed. It comes after Ukraine successfully restructured $20bn in Eurobonds last year, easing short-term debt pressures as the war with Russia continues.

In a statement, the ministry said it had published updated launch documents on Euronext Dublin after incorporating “extensive consultations” with investors since the initial restructuring process was opened on December 1. An ad hoc creditor group, including hedge funds Aurelius Capital Management and VR Capital Group, confirmed its support for the amended proposal, according to a separate statement cited by Bloomberg.

Commercial terms of the exchange remain unchanged from the December 1 invitation. Under the offer, holders of each $1,000 of GDP warrants will receive $1,340 in new C-series Eurobonds maturing in 2030, 2031 and 2032, as well as $10 in cash and an additional $10 if an Extraordinary Resolution is approved.

Incentives also include a $25 conditional participation payment and a $50 early-consent fee for investors who submitted instructions before the early deadline. If 75% of eligible notional votes back the Extraordinary Resolution, a mandatory exchange will apply to all remaining holders, who would receive $1,360 in Further B Notes across the same maturities.