The delegation from Ukraine responsible for the issue of restructuring the external debt of National JSC Naftogaz Ukrainy has said that comments made by Fuel and Energy Minister Yuriy Prodan on this issue are personal and unofficial.
“The comments by Energy Minister Prodan aren’t the official position of the delegation that is currently in London,” the press service of Naftogaz Ukrainy said, citing statements by heads of the delegation, Acting Finance Minister Ihor Umansky and Naftogaz CEO Oleh Dubyna.
As reported, National JSC Naftogaz Ukrainy is to pay a coupon to the holders of its eurobonds worth $500 million, but will not repay any of the principal sum.
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.
The eurobond holders are scheduled to meet in London on October 19, 2009.
