Investors have agreed on the restructuring of Eurobonds of the Naftogaz of Ukraine national joint stock company with maturities in July 2022 and November 2026.
The chairman of the board of Naftogaz Oleksii Chernyshov announced this on Facebook, Ukrainian News Agency reports.
"Today, a vote has been completed in support of the restructuring of Eurobonds with maturities in 2022/2026. A convincing number of investors supported the proposals on which we worked together for more than six months... Eurobonds restructuring will improve the liquidity of our group of companies and bring cooperation with international partners to a new level. The actual exit from default will occur after the completion of all technical procedures and calculations," he wrote.
As Ukrainian News Agency earlier reported, in June, the Cabinet of Ministers agreed on the conditions for restructuring default Eurobonds of Naftogaz.
In August 2022, holders of Eurobonds of NJSC Naftogaz of Ukraine agreed to delay payments on Eurobonds-2024, while holders of Eurobonds-2026 did not support the company's proposal to postpone payments.
Also in August, holders of Naftogaz Eurobonds repaid in July 2022 rejected the company's second offer to delay payments for two years.
On July 26, Naftogaz did not make the necessary payments on Eurobonds-2022, thus, there was a default on the company's Eurobonds.
In November 2019, Naftogaz placed 7-year Eurobonds worth USD 500 million at 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.
NJSC Naftogaz of Ukraine is a leading enterprise of the fuel and energy complex of the country, which is engaged in exploration and development of fields, drilling, transportation and storage of oil and gas, as well as supply of gas to consumers.
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