The Naftohaz Ukrainy national joint-stock company completed the comprehensive restructure of its foreign debt via the exchange of eurobonds and obligations on bilateral loans for single investment instruments on November 5, the press service of the company told the Ukrainian News agency.
New bonds issued against the security of the Cabinet of Ministers due 2014 and with the rate of 9.5% per annum, were sold into clearing systems on Nov. 5.
The national joint-stock company considers that this restructure is an important stage for the further development of the company.
As it was reported before, on Oct. 19 the owners of over 93% of Naftohaz Ukrainy’s eurobonds backed the conditions of their restructure. The payment day on the new bonds was scheduled for Oct. 29. The Naftohaz Ukrainy has offered holders its eurobonds for USdollars 500 million to restructure them for the period of five years until Oct. 2014. The company asked the owners of eurobonds to agree to exchange 100% of their securities for new bonds.
