Naftogaz Completes Payments on Restructured Eurobonds Worth €1.2 Billion

The Naftogaz group has paid interest and rewards for the restructuring of two issues of eurobonds totaling €600 million maturing in July 2026 and $500 million maturing in November 2028, which were restructured to 2032 and 2033 respectively. The new amount of the outstanding principal for the eurobonds maturing in 2026 is €704.5 million, while for the dollar-denominated eurobonds maturing in 2028 it is $592.3 million. 80% of the accrued but unpaid interest on the eurobonds maturing in 2026 has been paid in cash, while the remaining 20% has been capitalized. The restructuring was supported by 97.02% of the holders of the eurobonds maturing in 2026 and 94.67% of the holders of the eurobonds maturing in 2028. The coupon rate for both issues has been increased to 8.95% per annum. The first three coupon payments will be partially paid in cash, while the remaining will be covered by the issuance of additional bonds. A ban on dividend payments until the full repayment of the eurobonds has also been introduced. Naftogaz successfully restructured two bond issues totaling approximately €1.2 billion, with the decision supported by over 90% of the security holders.

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