13:27 14.07.2022

Naftogaz to ask for two-year deferral of payments from all intl creditors

1 min read
Naftogaz to ask for two-year deferral of payments from all intl creditors

NJSC Naftogaz Ukrainy, which earlier this week asked for a two-year deferral of interest payments and eurobond redemption, will make a similar offer to all other international creditors, the issuer of its eurobonds, Kondor Finance Plc, said in an exchange statement.

"The Issuer and the Borrower have first approached the Noteholders in accordance with their regulatory obligations. The Borrower may now negotiate payment deferrals for other international debt obligations to which it is a party. In cases where such loans are used and interest is paid, it is expected to receive a two-year deferral of interest payments from all other international creditors," the document said.

Naftogaz added that it recently signed a loan with the EBRD to support natural gas purchases for the upcoming 2022/23 heating season.

"This loan is subject to the satisfaction of certain pre-conditions before it can be used and will be reviewed by the parties amid this Statement of Consent [offer to eurobond holders for deferred payments and renegotiation of covenants]," the message said.

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