Naftogaz pays USD 500 mln Eurobond coupon
1 October 2009
Naftogaz of Ukraine said in an announcement on its website this morning that it serviced the interest on its USD 500 mln Eurobonds that matured yesterday, September 30. The bonds’ principle remains subject to a swap for new bonds according to its previously announced offer. Naftogaz said last week it was offering holders an exchange for new US dollar-denominated bonds backed by a sovereign guarantee that mature in September 2014 and carry a coupon of 9.5%. October 8 is the early participation deadline for bondholders to vote in favor of restructuring; October 15 is the final voting deadline; and a noteholder meeting is scheduled for October 19. The Financial Times reported today that Naftogaz appears closer to gaining the consent of noteholders to the restructuring. According to FT, Corlblow, a Belize-registered holding company for Russian interests that pledged in August to form a bondholders’ group to block any offer, said that following discussions with Naftogaz it ceased to oppose the proposed restructuring. In other news, yesterday the Luxemborg Stock Exchange completed delisting procedures for the Naftogaz bond.
