Investors in the Ukrenergo Eurobond agreed to postpone payments

Ukrainian transmission system operator Ukrenergo received approval for changes to the terms of issuing its Eurobonds - postponement of coupon payment for two years and repayment - until November 2028.

Such information is made public on the London Stock Exchange.

"Today, Ukrenergo announces that it has received the necessary consents from the holders of its securities regarding the written resolution to approve the Proposed Changes, as described in the consent memorandum dated July 28, 2022 (the "Consent Memorandum")," the announcement of the results of the request states agreements on the stock exchange.

The corresponding changes will enter into force on August 11.

As reported in ExPro, NEC "Ukrenergo" asked to postpone the payment of the coupon from the bonds for two years, as well as to postpone the date of repayment of the bonds to November 2028.

"In particular, it is proposed to postpone coupon payments on Eurobonds, the payment of which is made within 24 months, starting from the next date of interest payment on Eurobonds, under the conditions of continuing the accrual of interest at the specified coupon rate at the level of 6.875% and with the possibility of capitalization of deferred amounts at the end of this period, and also postpone the maturity date of Eurobonds by 24 months - to November 2028. Postponing the payment of these amounts will allow Ukrenergo to ensure the appropriate level of liquidity in today's difficult situation and to get the opportunity to direct the necessary funds to support the energy sector of Ukraine in the conditions of unprovoked military aggression by the Russian Federation. After the change in the specified conditions for the issuance of Eurobonds, all Ukrenergo's obligations under them will continue to be fully guaranteed by the state," the company's statement read.