The Cabinet of Ministers of Ukraine has agreed on the terms of the restructuring of Eurobonds of the Naftogaz of Ukraine national joint stock company with maturities in July 2022 and November 2026, on which the company reached an agreement with investors.
This is stated in the message of Naftogaz, Ukrainian News Agency reports.
The restructuring is expected to complete by the end of July 2023.
It is noted that the detailed restructuring proposals were also approved by the board and the supervisory board of NJSC Naftogaz of Ukraine.
As Ukrainian News Agency earlier reported, Naftogaz agreed with investors on the restructuring of Eurobonds.
In August 2022, holders of Naftogaz's Eurobonds 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's Eurobonds due 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 seven-year Eurobonds worth 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.
Naftogaz 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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