NJSC Naftogaz of Ukraine has completed the restructuring of its external debt

NJSC Naftogaz of Ukraine today successfully completed the complex restructuring of its external debt with the formal settlement of its bilateral and Eurobond obligations into a single listed investment instrument.

The new Eurobond, issued under state guarantees with the maturity in 2014 and with the yield of 9.5% coupon, was today submitted to clearing systems.

NJSC Naftogaz of Ukraine emphasizes that this restructuring is an important step in the future development of the Company. The reprofiling of the Company’s borrowings includes the $500m Eurobond maturing 30th September 2009 and the $1.1bn of bilateral loans. More than 93% of the Eurobond holders and 100% of lenders voted in favour of the restructuring offer.

The Company and its advisors worked hard to come up with the restructuring proposal which comprised a complex exchange of five separate instruments into the new bond and is pleased that it has received such strong support for the transaction from its creditors.

Chairman of Naftogaz, Oleg Dubyna, said:

“This was a technically difficult process which was successfully managed by the Company and its advisers. Aside from the necessary relief on Naftogaz’s finances, this transaction benefits Ukraine’s reputation in the international capital markets and demonstrates successful cooperation with the Government.”

Press center NJSC Naftogaz of Ukraine
International Media:
HeadLand Consultancy
Chris Salt/Dudley White
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