11:08 16.03.2015

DTEK could restructure 2015 eurobonds

2 min read
DTEK could restructure 2015 eurobonds

DTEK energy holding plans to address holders of its eurobonds worth $200 million due on April 28, 2015 with a proposal of restructuring the securities, DTEK CFO Petro Fokov has said.

"As for the eurobonds due in April 2015 DTEK monitored the recent restructuring of FUIB, Metinvest and Ferrexpo eurobonds. DTEK is studying the options and takes in to account the recommendations of creditors. DTEK has very restricted alternatives for transactions with liabilities and the holding is mulling the possibility of postponing the repayment of April 2015 eurobonds. We would publish our proposals in the near term," he said at a phone conference last week.

As reported, in 2010, DTEK issued five-year eurobonds worth $500 million. The coupon was set at 9.5% per annum.

In March 2013, the company refinanced 60% of the securities thanks to the issue of new five-year bonds worth $600 million with the coupon of 7.875% per annum.

Deutsche Bank AG and J.P. Morgan Securities were the dealer managers of the latter deal.

In late January 2015, DTEK Finance B.V. (the Netherlands), subsidiary of DTEK holding, started drawing up a register of the eurobond holders. The company said that the information on the eurobond holders is collected as a part of the current strategic revision of the company's capital structure.

DTEK was established in 2005 to manage the energy assets of SCM (Donetsk), which belongs to Rinat Akhmetov.

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