2022-11-21T13:28:00+02:00 Economy 2024-09-15T06:13:33+03:00

Ukrainian news

Naftogaz Calls On Eurobonds Owners To Return To Constructive Dialogue

Naftogaz Calls On Eurobonds Owners To Return To Constructive Dialogue

The Naftogaz of Ukraine national joint-stock company appealed to the owners of Eurobonds due in 2022 and 2026 with a proposal to intensify interaction in order to find a mutually acceptable solution.

This is stated in the message of Naftogaz, Ukrainian News Agency reports.

"One of our key priorities is to restore trust in Naftogaz, particularly among our investors. The proposal to return to a constructive dialogue is the first step towards this," said Oleksii Chernyshov, Chairman of the Board of Naftogaz of Ukraine.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers appointed the Lazard Freres company as a financial advisor for the restructuring of the fulfillment of obligations under Eurobonds due in 2022 and 2026 of Naftogaz of Ukraine.

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.