NJSC Naftogaz Ukrainy has offered to buy back all its eurobonds for up to $ 335 million maturing in 2022 by issuing new eurobonds, and in the absence of sufficient supply from their holders – also eurobonds maturing in 2024, keeping the total ransom amount of $ 335 million.
“Naftogaz made offers and a corresponding issue of new bonds to extend the maturity of its debt. Naftogaz expects to finance the offers at the expense of net proceeds from the issue of new bonds,” Kondor Finance Plc, through which the eurobonds were issued, said on the Irish Stock Exchange.
Naftogaz recalls that its 2022 eurobonds with a par value of $ 335 million with a coupon of 7.375% and 2024 eurobonds with a par value of EUR600 million with a coupon of 7.125% are in circulation.
According to the promulgated terms, 2022 eurobonds are redeemed at a price of 102.875% of the par value, 2024 eurobonds at 98.25% of the par value.
The early deadline for applications is October 27 inclusive. The early expected settlement date is October 29, the final one is November 13.
The dealer-manager of the offer is Citigroup Global Markets Limited.
