Last month’s restructuring of much of DTEK’s bank and bond debt can be traced back to debt taken on in 2012, before the Donbas war

, Tymchenko says. Due to the war, DTEK lost control of mines and power stations, which cut the company’s electricity production in half. “In 2012, we produced 51 billion KWh — in 2020, 26.3 billion,” he says. “In 2012, we extracted 38 million tons [of coal]. In 2020 we extracted 19 million.”

DTEK Energy yesterday completed a 14-month restructuring of its loan portfolio, converting current Eurobonds and major bank debt, totaling more than $2 billion, into new Eurobonds;

the company said last night after London markets closed. In an announcement posted on the London Stock Exchange, DTEK said parts of the current debt on DTEK Energy Eurobonds were converted into $425 million worth of DTEK Oil and Gas Eurobonds, at a rate of 6.75% per annum and maturity until Dec. 31, 2026. Other debt was converted into new DTEK Energo Eurobonds at a rate of 7%, maturing Dec. 31, 2027.