Naftogaz of Ukraine completes restructuring of external debt

By Caroline Salls

Pittsburgh, Nov. 5 - NJSC Naftogaz of Ukraine has completed the restructuring of its external debt with the formal settlement of its bilateral and eurobond obligations into a single listed investment instrument, according to a company news release.

As previously reported, the new eurobond, which was issued under state guarantees, will mature in 2014 and carries a 9½% coupon. Naftogaz said the new eurobond was submitted to clearing systems on Thursday.

According to the release, more than 93% of the eurobond holders and 100% of lenders voted in favor of the restructuring offer.

"Aside from the necessary relief on Naftogaz's finances, this transaction benefits Ukraine's reputation in the international capital markets and demonstrates successful cooperation with the government," chairman Oleg Dubyna said in the release.

Naftogaz is a Kiev, Ukraine, energy company.

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