Ukraine’s DTEK: 7 7/8%, 10 3/8% noteholders give consent to asset sale

By Susanna Moon

Chicago, June 29 – DTEK Finance plc said it secured the needed consents for its $750 million of 7 7/8% senior notes due 2018 and $160 million of 10 3/8% senior notes due 2018.

Holders had given consents for 74.32% of the outstanding principal amount of the notes, according to a company notice.

The consent solicitation ended at 5 p.m. ET on June 29. The record date was 5 p.m. ET on May 18.

As announced June 17, DTEK was asking noteholders to consent to the sale of OJSC Obukhovskaya, OJSC Donskoy Anthracite and Sulinanthracite LLC, along with some debt, to a non-group affiliate of DTEK Holdings BV.

As previously reported, the company’s scheme of arrangement was approved by DTEK noteholders and sanctioned by the High Court of Justice of England and Wales in April. The scheme became effective April 26.

Under the scheme, the group could complete the asset sale with the prior written consent of the holders of more than 25% of the outstanding principal amount of notes.

The tabulation and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or dtek@lucid-is.com).

DTEK is a Kiev, Ukraine-based holding company with assets in coal production, energy generation and distribution, and alternative energy and gas production.

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