Naftogaz will postpone payments for one of its Eurobond issues.

Thursday, September 1, 2022
Naftogaz will postpone payments for one of its Eurobond issues.

 Holders of Naftogaz Eurobonds maturing in 2024 agreed to defer payments for two years, but owners of another issue of Eurobonds refused to defer payments, reported Naftogaz. Thus, 77% of investors with securities maturing in July 2024 agreed to the proposal to postpone payments for two years. This proposal was identical to one previously agreed upon by holders of Ukrainian Eurobonds. Thus, the company can pay off the €600M debt  in 2026 instead of 2024, though it will start paying interest on it in 2024. The interest deferred from 2022-2024 will total €90M or €45 million per year. Naftogaz has already asked the government to approve the transaction in order to officially complete the request to the Eurobond holders.

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