National JSC Naftogaz Ukrainy has paid coupon on eurobonds worth $500 million at a arte of 8.125% per annum and a half-year coupon period, Carl Philipp R. Thomas, the partner of Aequi-Libria consulting company (Luxemburg), presenting the group of Naftogaz creditors, has told Interfax-Ukraine.
According to Thomas, the attitude of the group of investors to the
announced terms of eurobond restructuring is being discussed and will
be formed on Thursday.
Naftogaz on September 24 offered to exchange $500 million in
eurobonds maturing on September 30, 2009 for new bonds guaranteed by
the state and maturing in 2014. The new bonds would have a coupon rate
of 9.5% per annum compared to 8.125% on the existing issue.
One condition Naftogaz Ukrainy plans for the exchange is that
holders who accept the exchange before October 8 would receive new
bonds equal to 100% of their holdings. In the second phase, until
October 15, holders would receive 95%.
The eurobond holders are scheduled to meet in London on October 19, 2009.
