Pursuant to Resolution 409, Ukrainian borrowers are now entitled to pay additional fee for extension of maturity of their foreign loans (the “Extension Fee”) which may exceed applicable maximum interest rate (the “MIR”) requirements1 , provided that the following criteria are met:

  • the loan which is subject to extension has been raised as subordinated debt or a loan financed by way of issuance of debt securities on international capital markets; 
  • maturity date for repayment of the principal amount under relevant loan should be extended for, at least, two years; 
  • amount of the Extension Fee shall not exceed 2% of the principal amount of relevant loan; 
  • in case of loans financed by way of issuance of debt securities on international capital markets, such debt securities should, as of 23 June 2015, be listed on a stock exchange outside of Ukraine. 

Payment of the Extension Fee will be possible only after registration of the respective amendments to loan agreements with the NBU. For the purposes of such registration, certain additional documents should be provided to the NBU, such as evidences that relevant loan was actually financed by way of issuance of debt securities on international capital markets Resolution 409 entered into force on 24 June 2015 and is not limited in time.