Naftogaz has officially commenced the process of soliciting investor consent to restructure Eurobonds maturing in July 2022 and November 2026. This marks the final procedure required to complete the restructuring process.
On 13 July 2023, Naftogaz held a meeting with investors to discuss details of the planned restructuring and the relevant procedure.
We have made significant progress. First, we reached an agreement with investors regarding the restructuring of Eurobonds. Subsequently, we obtained the necessary government and corporate approvals while fulfilling preliminary agreements with bondholders," commented Oleksiy Chernyshov, CEO of Naftogaz Group.
All procedures are expected to be completed by the end of July 2023.
At today's meeting with investors, I expressed my gratitude for their unwavering support and constructive cooperation. Earning and maintaining the trust of our investors is of paramount importance to us, and we are diligently working towards its restoration," stated Chernyshov.
Background: On May 31, 2023, NJSC Naftogaz of Ukraine successfully reached an agreement with investors regarding the restructuring of Eurobonds scheduled to mature in July 2022 and November 2026. On 26 June 2023, the Cabinet of Ministers of Ukraine (CMU) agreed on the terms to restructure Naftogaz Eurobonds maturing in July 2022 and November 2026.
