11:53 28.04.2021

DTEK Energy enters lock-up agreement with over 50% of eurobond holders, 95% of lenders

2 min read
DTEK Energy enters lock-up agreement with over 50% of eurobond holders, 95% of lenders

DTEK Energy said on Tuesday on the London Stock Exchange (LSE) that the company has entered into a lock-up agreement with over 50% holders of its eurobonds and lenders representing in excess of 95% of the bank debt, who agreed to vote in favor of the restructuring of substantially all of the group's indebtedness estimated at around $2 billion.

One of the company's bank creditors, Gazprombank, has filed a notice of arbitration with the Singapore International Arbitration Centre in respect of a claim against DTEK B.V., DTEK ENERGY B.V. and certain other group companies for approximately CHF 22 million under its bank facility.

"Our approach to restructuring is the principle of equality for all creditors, which is consistent with business ethics and business practice. This approach allowed us in 2017-2019 to balance the financial capabilities of the company for servicing loans and further development, taking into account the interests of all stakeholders," DTEK's Strategy and Finance Director Oleh Tymkiv told Interfax-Ukraine.

The company said that noteholder that accedes to the lock-up agreement will receive its pro rata share of a transaction fee in cash in an amount equal to 2% of the aggregate principal amount of the New DEBV Notes to be issued by the issuer as part of the restructuring, on the restructuring effective date.

DTEK Energy said that Gazprombank has subsequently obtained the following in ex parte proceedings: a freezing order from the District Court of Nicosia, and leave from the District Court of Amsterdam, The Netherlands to levy, and has since levied, conservatory attachments over certain assets of the group.

Cyprus prohibited the company and certain of its subsidiaries from: encumbering, disposing of or reducing the value of any of their property or assets, including shares in other group companies; and taking any decisions or steps or signing any documents to change the shareholding structure, constitutional documents or board structure of the group companies.

"The company intends to continue to implement the restructuring and to use all legal rights and remedies available to it to challenge and defend against the claim, the freezing order and the attachments," the company said.

DTEK Energy told Interfax-Ukraine that Gazprombank has accepted the terms of the 2019 restructuring.

"Litigation with DTEK B.V., DTEK ENERGY B.V. and a number of other companies of the group does not affect production and operating activities in Ukraine," DTEK Energy said.

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