The Naftogaz of Ukraine national joint-stock company plans to present proposals for the restructuring of Eurobonds maturing in 2022 and 2026 this week.
Oleksiy Chernyshov, board chairman of Naftogaz, announced this on Facebook, Ukrainian News Agency reports.
"We continue to work on the restructuring of Naftogaz's obligations under Eurobonds. These are Eurobonds with maturities in 2022 and 2026. This week, we plan to present our proposals, formed after preliminary discussions, at an online meeting with investors. As before, we are working together with financial advisor Lazard. We have to find a solution that will satisfy all participants in the process - both investors and our group of companies, which maintains the energy front of the country in conditions of war," he wrote.
As Ukrainian News Agency earlier reported, in August, holders of Eurobonds of Naftogaz of Ukraine agreed to postpone payments for Eurobonds-2024, while holders of Eurobonds-2026 did not support the company's proposal to postpone payments.
Also in August, holders of Naftogaz Eurobonds maturing in July 2022 rejected the company's second proposal to postpone payments for two years.
On July 26, Naftogaz did not make the necessary payments for Eurobonds-2022, thus, the company's Eurobonds defaulted.
In November 2019, Naftogaz placed 7-year Eurobonds in the amount of USD 500 million with a rate of 7.625% per annum.
Also, in July 2019, Naftogaz placed five-year Eurobonds for EUR 600 million with a rate of 7.125% per annum and three-year Eurobonds for USD 335 million with a rate of 7.375% per annum.
The Naftogaz of Ukraine national joint-stock company is a leading enterprise of the country's fuel and energy complex, which is engaged in prospecting and development of deposits, drilling, transportation and storage of oil and gas, as well as supplying gas to consumers.
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