Naftogaz of Ukraine plans call to address queries about consent bid

By Devika Patel

Knoxville, Tenn., July 11 – NJSC Naftogaz of Ukraine announced a consent solicitation that will be launched to amend the terms of its $335 million 7 3 /8% loan participation notes due 2022 (ISIN: XS2027393938) and $500 million 7 5/8% loan participation notes due 2026 (ISINs: XS2077601610, US50050MAB19).

Naftogaz expects to launch the consent solicitation on or around July 13.

The proposed terms include the creation of a debt service reserve fund. Naftogaz confirmed in a press release that it has set aside a debt service reserve account and deposited the first instalment of $19,062,500, which is equivalent to six months’ interest debt service for the 2026 notes.

On July 13, Naftogaz’s chief executive officer Oleksiy Chernyshov and advisers will host a noteholder call to provide an update on the consent solicitation process and respond to noteholders’ queries.

Naftogaz, an oil and gas company, is based in Kiev.

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