Naftogaz Group restructures €1.2 billion in Eurobonds

The restructuring covers the outstanding euro- and US dollar-denominated bonds issued by Naftogaz through Kondor Finance plc.

The agreement was reached in two stages. First, Naftogaz reached an agreement in principle with an ad hoc group of international bondholders. This was followed by a consent solicitation process involving all bondholders without exception. As a result, the maturity of the euro-denominated bonds  will be extended to 2032, while the US dollar-denominated bonds will be extended to 2033.

The successful restructuring gives us greater flexibility to direct additional resources toward restoring infrastructure damaged by russian attacks, which have numbered around 250 this year alone, and allows us to better prepare for the upcoming heating season,” said Sergii Koretskyi, CEO of Naftogaz.

The restructuring is one of the key steps in ensuring the financial stability of Naftogaz Group amid the full-scale war and the continued attacks on Ukraine’s energy infrastructure. The company remains committed to fulfilling its obligations to the state and consumers while preparing for the next heating season.