Naftogaz of Ukraine exchange approved by more than 93% of bondholders

By Caroline Salls

Pittsburgh, Oct. 19 - NJSC Naftogaz of Ukraine said holders of more than 93% of its $500 million eurobonds voted in favor of the company's exchange offer, according to a news release.

The noteholders voted on the proposed external debt restructuring, including the consent to exchange 100% of the bonds for new 9½% dollar-denominated bonds due September 2014, at a meeting held Oct. 19.

The settlement date for the new notes is expected to be Oct. 29.

The company said negotiations with its bilateral lenders are progressing.

Naftogaz is a Kiev, Ukraine, energy company.

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