Naftogaz announces start of voting to obtain investor consent for restructuring of 2022/2026 eurobonds
NJSC Naftogaz Ukrainy has announced the start of voting to obtain investor consent for the restructuring of eurobonds maturing in July 2022 and November 2026, CEO Oleksiy Chernyshov said.
"We are finalizing the process of restructuring eurobonds. Today we started voting on consent solicitation (obtaining investor consent) for the restructuring of securities with maturities in 2022/2026. We expect it to be completed by the end of July," he wrote on his Facebook page.
According to him, the necessary government and corporate approvals have now been received, and preliminary agreements have been made with bondholders, including the creation of a guarantee fund.
"The trust of our investors is the most important thing. We are doing everything to restore it," the expert added.
As reported, at the end of May 2023, Naftogaz Ukrainy announced agreements with investors to restructure two default eurobond issues by the end of July: for $375 million maturing in July 2022 and $500 million maturing in November 2026, agreeing to some improvement in conditions for holders of these securities compared to the March 10 offer.