DTEK Energy, the largest Ukrainian private energy holding, has achieved an agreement with the holders of eurobonds and creditor banks on the long-term restructuring of the loan portfolio, according to a press release of the holding.

The agreement with eurobond holders was achieved at a meeting on December 19 and approved by the High Court of Justice of England and Wales on December 21, 2016.

The restructuring of securities involves the exchange of both issues of eurobonds worth $750 million with a coupon rate of 7.875% per annum and $160 million with a rate of 10.375% per annum for new equities with the maturity of up to December 31, 2024. At the same time, the repayment of new eurobonds will be carried out in two equal installments: 50% in December 2023 and 50% on the expiration of the circulation period.

The coupon rate for new eurobonds is set at 10.75% per annum. In 2017-2018 coupon payment in cash will be 5.5% per annum, in 2019 some 6.5%, in 2020 some 7.5%, in 2021 some 8.5%, in 2022-2023 some 9.5%, and in 2024 some 10.75% per annum.

The remaining part of the coupon, not paid in cash, will be capitalized and added to the principal amount of eurobonds on a quarterly basis.

It is expected new eurobonds will be issued on December 29, 2016.