Naftogaz releases 9M09 UAH results, restructures Eurobonds

Naftogaz of Ukraine published its 9M09 unconsolidated financial results according to Ukrainian Accounting Standards today in a company filing: net revenues of UAH 52.5 bln (up 54.1% yoy), and a net loss of UAH 1.9 bln. In 3Q09, Naftogaz posted net revenue of UAH 11.3 bln (down 3.6% yoy) and net income of UAH 86.1 mln. Yesterday in a press release Naftogaz announced that it completed the restructuring of its bilateral (USD 1.1 bln) and Eurobond (USD 500 mln) obligations into a single investment instrument. The new (USD 1.6 bln) Eurobond, backed by a state guarantee, matures in 2014 and has a coupon of 9.5%. The company said that 93% of Eurobond holders and 100% of its lenders voted in favor of the restructuring.