“Naftogaz” discusses restructuring with creditors: offers new conditions
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“Naftogaz” conducts consultations with the owners of Eurobonds regarding the restructuring of obligations under Eurobonds, in particular, offers new conditions for them.
She reported about it press service “Naftogaz”, message bondholders, Interfax-Ukraine.
As noted in Naftogaz, with the participation of the Lazard financial advisor and the Freshfields Bruckhaus Deringer legal advisor, the company has already conducted several consultations regarding the restructuring of Eurobonds due in 2022 and 2026.
“We are discussing with their owners terms and proposals that can be acceptable to both parties – both for investors and for our group of companies, which continues to hold the energy front in wartime conditions,” explained the head of the company Oleksiy Chernyshov.
According to these papers, the company missed payments last year, because it did not reach an agreement on restructuring with creditors. At that time, bondholders were offered a two-year payment deferral under the same conditions as the state of Ukraine and a number of state-owned companies, such as Ukravtodor, previously agreed on restructuring.
Now Naftogaz is ready on April 15 of this year to pay the overdue July 19, 2022 coupon for Eurobonds-2022 and accrued interest, and for Eurobonds-2026 to pay a fee of 0.5% for the exchange and repay the principal amount in November-2027 and November-2028, and not as before – 100% in November 2028.
We remind you:
Under the previous chairman of the board, Yury Vitrenko, “Naftogaz” agreed restructuring of the issue of Eurobonds maturing in 2024 (600 million euros), while the issue of restructuring issues of Eurobonds maturing in 2022 (350 million USD) and in 2026 (500 million USD) is still under negotiation.
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