Naftogaz agrees restructuring of €1.2 billion Eurobonds

Naftogaz of Ukraine NJSC reached an agreement in principle with the special committee of holders of two Eurobond series on the restructuring of liabilities totaling about €1.2 billion. This was reported by Naftogaz’s press service.

Under the agreements reached, the maturity of the euro-denominated bond series will be extended to January 2032, while the maturity of the US dollar-denominated series will be extended to January 2033.

The agreements concern two Eurobond issues placed by Naftogaz through Kondor Finance plc. These are loan participation notes with a current principal amount of €695 million, with an initial maturity in 2024 that was previously extended to July 19, 2026, as well as notes for $584 million, with an initial maturity in 2026 that was previously extended to November 8, 2028.

The previous restructuring of these liabilities was agreed at the end of July 2023.

“The successful completion of the restructuring will give us more opportunities to direct resources to infrastructure restoration,” Naftogaz CEO Sergii Koretskyi said.

According to the company, in 2025 Russian forces carried out 229 strikes on Naftogaz Group facilities, more than in the previous three years of the full-scale war combined. Since the beginning of 2026, the Group’s infrastructure has already been attacked more than 170 times.

The agreement in principle still has to receive final approval from the relevant governing bodies of Naftogaz of Ukraine NJSC and line ministries.