The debt move frees cash for urgent infrastructure repairs and winter preparations, after hundreds of wartime strikes damaged energy assets.
The Naftogaz Group restructured eurobonds totaling nearly €1.2 billion.
According to a press release from Naftogaz of Ukraine, the restructuring covered outstanding eurobonds and dollar bonds issued through Kondor Finance plc. The decision was supported by more than 90% of bondholders of each series.
The restructuring was carried out in two stages: first – with a specially formed ad hoc group of international bondholders, and subsequently under the consent solicitation procedure that encompassed all bondholders without exception.
Terms and consequences of the restructuring
As a result, the maturities of the euro-denominated bonds were extended to 2032, and those of the dollar-denominated bonds to 2033.
The Naftogaz Group restructured two eurobond issuances totaling about €1.2 billion. The decision was supported by more than 90% of bondholders of each series
– press release from Naftogaz of Ukraine
As noted by the Chairman of the Board of Naftogaz Ukraine, Serhiy Koretsky, the eurobond restructuring gives us more opportunities to direct additional resources toward restoring infrastructure after Russian attacks, which this year alone totaled about 250, and to prepare for the heating season.
The eurobond restructuring gives us more opportunities to direct additional resources toward restoring infrastructure after Russian attacks, which this year alone numbered about 250, and to prepare for the heating season
– press release from Naftogaz of Ukraine
The restructuring is one of the key steps toward ensuring the financial stability of the Naftogaz Group amid the full-scale war and systemic attacks on Ukraine’s energy infrastructure. The company continues to fulfill its obligations to the state and to consumers and is preparing to pass another heating season.
The restructuring is one of the key steps in ensuring the financial stability of the Naftogaz Group amid the full-scale war and systemic attacks on Ukraine’s energy infrastructure. The company continues to fulfill its obligations to the state and to consumers and is preparing to pass another heating season
– press release from Naftogaz of Ukraine
Thus, the restructuring is an important step in preserving financial stability and supporting a stable heating season amid the full-scale war and systemic attacks on Ukraine’s energy infrastructure.