“This brings the company one step closer to fulfilling its obligations to investors,” said Oleksiy Chernyshov, Chairman of the Board of Naftogaz.
The solicitation to amend the terms of the $335M 7.375% notes due in 2022 includes a 5% payment on the principal, the accrued past due interest fee, the coupon payment due July 2023, and additional interest. The maturity date of the principal’s balance will be extended with a 50% amortization of the remaining principal amount in July 2024 and 50% in July 2025. The interest due in January 2024 will be deferred to July 2024, with the option to capitalize the interest. Going forward, the coupon on the 2022 notes will rise to 7.65%.
Also, Naftogaz announced terms of the consent solicitations to be launched to amend the terms of the $500M at 7.625% notes due 2026. The maturity date for the 2026 notes has been extended, with 50% of the principal amount outstanding to be redeemed in November 2027 and the remaining 50% in November 2028.