“NAK Naftogaz of Ukraine exercised the right to capitalize deferred interest on Eurobonds maturing in 2028, which was obtained as part of the restructuring. These bonds were to be repaid on November 8 of this year. As reported by the issuer of Eurobonds NAK Naftogaz – the company Kondor Finance plc, registered on the Irish Stock Exchange, interest was capitalized in the amount of 83.78 million dollars.”, — write on: ua.news
NAK Naftogaz of Ukraine exercised the right to capitalize deferred interest on Eurobonds maturing in 2028, which was obtained as part of the restructuring. These bonds were to be repaid on November 8 of this year.
As reported by the issuer of Eurobonds NAK Naftogaz – the company Kondor Finance plc, registered on the Irish Stock Exchange, interest was capitalized in the amount of 83.78 million dollars. As a result, the nominal amount of debt for these Eurobonds increased to 583.8 thousand dollars.
According to Naftogaz’s report, as of the end of June 2024, $38.1 million had been accumulated in the company’s special account to cover coupon payments for $500 million of Eurobonds due in 2028.
In July 2024, Naftogaz completed the payment deferral period for two Eurobond issues and took advantage of the opportunity to capitalize deferred coupon payments by making the next payments in full.
On an investor call organized by Dragon Capital in July, Naftogaz CEO Oleksiy Chernyshov noted that the company will be able to make all payments on obligations due in 2025, but is considering the possibility of restructuring payments due in 2026, in particular on Eurobonds .
According to the Frankfurt Stock Exchange, the rate of Naftogaz Eurobonds for $500 million maturing in November 2028 increased by 0.08% to 83.96% of par. At the same time, the rate of Eurobonds for 694.6 million euros with repayment in July 2026 remained at the level of 74.34% of the face value.
The net consolidated profit of Naftogaz for the first half of 2024 increased by 3.7 times compared to the corresponding period last year and amounted to UAH 24.414 billion, and the income from sales increased by 28.1% to UAH 143.373 billion.
We previously wrote that in 2023-2024, the Naftogaz group took fourth place in terms of procurement volume in the Prozorro system. 90% of contracts were concluded with Ukrainian contractors.
We will also remind you that PJSC “Ukrnafta” acquired a special permit for an oil and gas field in the Ivano-Frankivsk region for a period of 20 years.
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