Ukraine, Key Bondholders Reach $20 Billion Debt Restructure Deal

Ukraine reached an agreement in principle with some of its private creditors to restructure more than $20 billion of international debt, in a move that will help the war-torn country finance its fighting against Russia. The nation’s bonds rallied on the news.

The bondholders’ committee accepted nominal losses of 37% of their holdings across 13 bonds, forgoing $8.67 billion of claims, according to a statement with the terms of the accord. Ukraine expects to save $11.4 billion in the next three years by a combination of lower coupons and maturity extensions.

“Once completed, this restructuring will also pave the ...