Naftogaz Ukraine held in London on negotiations with the holders of Eurobonds

National Joint Stock Company Naftogaz Ukraine has held talks on restructuring with the holders of Eurobonds for $ 500 million, maturing on 30 September this year.

According to the company, the delegation of Naftogaz Ukraine led by board chairman NAKa Oleg Dubina, while the meeting was also attended by the acting Minister of Finance Igor Umansky. In Naftogaz Ukraine does not comment on the negotiations.

representative of the company just reported that O. Mace, and I. Umansky gave a short briefing to foreign journalists, which repeated the information about the proposal made by the company's creditors to restructure debt and issue new five-year debt securities amounting to $ 1.65 billion, which will be have government guarantees.

We are meeting with our creditors, and, frankly, I am confident that our proposal will be accepted. Banks are certain we already have a positive treatment. So I think everything will be fine, - said at a meeting of O. Dubin.

We offer not only the owners of the bonds, but the owners of the risks of direct loans to accede to this restructuring. A new tool, which will be exchanged will be structured in such a way that it actually will be directed to sovereign risk rather than risk Naftogaz of Ukraine , - said i.o.ministra Finance Igor Umansky.

expected that negotiations will continue on Wednesday.

According to market participants, in case Naftogaz Ukraine will pay the coupon on eurobonds, which total about $ 20 million, the holders of Eurobonds will refrain from resorting to the court in connection with the unpaid principal amount of the debt and continue talks on restructuring.

Naftogaz Ukraine On September 24 proposed Eurobond holders to exchange them for new securities with a government guarantee and maturing in 2014. State Holding proposes to increase the coupon rate from the current 8.125% to 9.5% per annum. Thus, as suggested by the NAC, the holders who have agreed to restructure by October 8, will be able to exchange 100% of the debt, and the second phase of restructuring (15 October) the exchange will be implemented with a coefficient of 0,95.
Meeting

Eurobond holders will be held October 19, 2009 in London.

was also reported earlier that the NAC has already started negotiations to restructure foreign debt totaling $ 1.6 billion According to the Interfax-Ukraine , in addition to the Eurobond it comes to debt of Naftogaz Ukraine Depha Bank in the amount of $ 220 million, Credit Suisse International (CSI) - to $ 550 million, and Deutsche Bank - to $ 395.2 million, a maturity of accounts for 2009-2012. Given the total amount of interest payments on them is about $ 1.78 billion, including this year - about $ 650 million in the next - about $ 570 million

Kommersant: Hypobank promise problem
Driver pays twice

Customers bankrupt insurers have to change the UK and re-buy policies ...

Council of Europe demanded from Russia to open the borders of South Ossetia and Abkhazia
Better the market today will be traded shares of Gazprom, Lukoil, Surgutneftegaz and steel companies
In the first half of the day fluctuations of the MICEX Index is likely to again be limited to the range of 1200-1220 points
Today is expected to change OPPOSITE securities quotation c probability of growth
On Wednesday, the bidders are waiting out a large block of makrostatistiki U.S.
In the short run may further strengthening of the relative value of Russia's currency against the world's leading currencies
On the domestic exchanges is expected to continue rising until the publication of the dynamics in the U.S. final GDP data for the 2 quarter

Leave a comment