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KYIV, May 31 (Reuters) - Ukraine's Naftogaz Group said on Wednesday it had reached agreements with investors on how to restructure its Eurobonds due in 2022 and 2026, moving closer to ending a months-long default.
"We moved one step closer to fulfilling our obligations to investors," the state-owned gas company's chief executive, Oleksiy Chernyshov, said in a statement. "It is important that we managed to find the most optimal solutions for both investors and our company in close dialogue with all owners of Eurobonds."
Naftogaz presented two separate debt restructuring offers to holders of its already defaulted 2022 bonds and to 2026 bondholders. It was locked in talks with bondholders for months.
The main changes included offering cash payments to holders of its 2022 bonds on all interest accrued so far to be made in July 2023 and again in January 2024.
The company also offered to defer other interest payments and principal of the $335 million bond until July 2024 and July 2025, and split them into halves.
A similar approach was proposed to the 2026 bondholders, splitting the payments into two parts to be paid in November 2027 and November 2028.
The holders of the $500 million bonds would also receive a consent fee equal to 0.5% of the principal amount.
Chernyshov urged all holders to support the forthcoming consent solicitation, saying the company hoped to finalise the process by July 2023.
(Reporting by Olena Harmash, Editing by Timothy Heritage)
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