Some Ukrenergo noteholders reach out in anticipation of restructuring

By Marisa Wong

Los Angeles, Feb. 5 – A group of holders of PJSC National Power Co. (Ukrenergo)’s $825 million 6 7/8% sustainability-linked green notes due 2026 guaranteed by Ukraine is urging the company to engage with noteholders as soon as possible in anticipation of a restructuring or liability management transaction, according to a press release.

The group pointed out that the deferral of interest payments on the notes, which was implemented through a consent solicitation in July 2022, is due to expire on Nov. 8, 2024. After the deferral period, on Nov. 9, the company can elect to either pay the deferred interest, including interest accrued on deferred interest, or capitalize it through the issuance of further notes.

The noteholder group wants to engage with the company if the company is considering a restructuring or liability management transaction in order to avoid a default on the notes upon expiry of the deferral period or the occurrence of any interest payment date after that.

The group stressed that in order for it to support any restructuring or liability management transaction in relation to the notes, it requires that the company deal with the debt on a standalone basis and not as part of any contemplated restructuring of Ukraine’s sovereign debt.

The group of noteholders has engaged Cleary Gottlieb Steen & Hamilton LLP, according to the release. They are inviting other noteholders to contact Cleary Gottlieb Steen & Hamilton (Solomon J. Noh, sjnoh@cgsh.com, +44 20 7614 2306, +44 78 4132 3679; Alastair Goldrein, agoldrein@cgsh.com, +44 20 7614 2322, +44 77 3417 1953) for further information.

The state-owned operator of Ukraine’s energy system and electricity transmission is based in Kyiv, Ukraine.

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