The largest Ukrainian private energy holding DTEK Energo has asked all holders of its eurobonds to back the key conditions of restructuring of the securities earlier agreed with the committee of eurobond holders.

The company said last week that the proposed coupon rate is 10.75% per annum. The issuer will pay the coupon in 2017 and 2018 in money terms at 5.5% per annum, at 6.5% per annum in 2019, 7.5% in 2020, 8.5% in 2021, 9.5% in 2022-2023 and 10.75% per annum in 2024.

The rest of the coupon not paid in the money terms will be capitalized and added to the principal of the eurobonds on a quarterly basis: it will be a liability of DTEK Energo to repay in the next periods.

The whole portfolio of the securities could be merged in one issue matured on December 31, 2024. It is planned that they will be repaid in two equal parts: 50% in December 2023 and 50% when the eurobonds mature.

In addition, the company intends to pay 1% of the fee of the sum of restructured eurobonds for backing the proposal, including 0.25% for early approval of the conditions.

DTEK Energo also asked the Royal Courts of Justice to receive a permit to summon a meeting of bondholders where the approval of the restructuring is proposed. The court hearing is scheduled for December 2, 2016. The bondholders would be also proposed to extend the term of a moratorium until the moment when all documents on the new eurobonds are signed.

The company said that 33% of bondholders have backed its proposal to restructure the eurobonds.