MOSCOW -- Russia plans to start exchanging its securitized London Club debt in April under a restructuring deal, after which it would pay $270 million in cash on overdue payments, a government official said Monday.


"The swap will be announced in April," said Oleg Buklemishev, aide to First Deputy Prime Minister Mikhail Kasyanov. "This sum [$270 million] will be paid after the exchange is over."


Under the deal, PRINs, which represent the principal of the debt, and IANs, which cover overdue interest, would be swapped for new Eurobonds.