The tasks of the Ministry of Finance of Ukraine in the upcoming negotiations in 2024 on the next restructuring of commercial debt are to avoid default and create opportunities to return to the market starting in 2025-2026, Minister Serhiy Marchenko said on “Business Breakfeast with Volodymyr Fedorin” YouTube channel on Wednesday. “Our key task is: … Read more
Fitch Ratings has upgraded National Joint-Stock Company Naftogaz Ukrainy’s (Naftogaz) Long-Term Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (Restricted Default) following the completion of its eurobond restructuring, the company said on its website. “Fitch has affirmed the company’s senior unsecured notes issued by Kondor Finance plc at ‘C’; the Recovery Rating has been revised … Read more
The International Monetary Fund (IMF) continues to expect the restructuring of its external commercial debt, mainly represented by eurobond debt, and sees its role in developing the macro framework that such restructuring should comply with, said IMF Mission Chief for Ukraine Gavin Gray. In general terms, the goal should be to implement restructuring that is … Read more
NJSC Naftogaz Ukrainy has reached agreements with investors on the restructuring of two issues of eurobonds maturing in July 2022 and November 2026. According to the company’s press release, this was announced by Head of Naftogaz Ukrainy Oleksiy Chernyshov, following a meeting with eurobond holders on May 31, 2023. Detailed restructuring proposals have also been … Read more
DTEK Holdings Limited has extended the term for the redemption of DTEK Energy eurobonds maturing in 2027, announced on March 6, to March 23. According to the company’s report on the stock exchange, the maximum amount has been increased to $80 million, however, compared to the offer in November, there is no maximum buyback price, … Read more
Fitch Ratings has downgraded DTEK Renewables B.V.’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘Restricted Default’ (RD) from ‘C’, following the company’s disclosure of the result of its tender offer. Fitch has simultaneously upgraded the IDRs to ‘CC’, reflecting DTEK Renewables’ post-restructuring profile with continuing high default risk. Fitch regards DTEK Renewables’ tender … Read more
Ukrzaliznytsia, Ukraine’s national railway operator, has successfully restructured payments for two issues of Eurobonds for a total of $895 million, Ukraine’s Minister of Development of Communities, Territories, and Infrastructure, Oleksandr Kubrakov, wrote on Facebook on Dec. 22. “Today, Ukrzaliznytsia successfully completed the voting procedure of holders for the restructuring of payments for two issues of … Read more
DTEK Energy will buy back eurobonds maturing in 2027 with a coupon rate of 7/7.5% for a total of $50 million at a price of up to 27% of the face value, the company said in a stock exchange message on Monday. According to it, the redemption of eurobonds at such a discount will reduce … Read more
DTEK Finance plc (a subsidiary of DTEK Energy) will buy back eurobonds worth $32.507 million at a price of 24% of par or less based on the results of the auction. According to DTEK Finance’s report on the Irish Stock Exchange, settlement of the offer will take place on November 10, 2022. After redemption of … Read more
Fitch Ratings has upgraded Ukraine’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (restricted default). “The upgrade of Ukraine’s LTFC IDR to ‘CC’ follows the execution of consent solicitation on 11 August to restructure external debt, which we deem constitutes completion of a distressed debt exchange (DDE), curing the ‘restricted default,” Fitch … Read more