The Ukrainian government agreed with the proposal of the Ministry of Finance and the national joint-stock company (NAK) Naftogaz Ukraine on the implementation of the restructuring of the company's debt on its external liabilities.
A decree of the Cabinet of Ministers № 986 dated September 16 published in the Government Gazette Uryadovyi Courier on Tuesday.
At the same time, the conditions of restructuring, approved by the Resolution, the publication available.
According
promulgated the document, negotiate with creditors on restructuring will be completed before October 20.
NAC, together with the Ministry of Finance: to provide up to 20 October 2009 harmonizing the basic conditions for restructuring the company's external debt obligations, in particular, with investors for Eurobonds issued to finance a loan company on the principal amount of $ 500 million bonds due Sept. 30, 2009, and creditors on a bilateral loans, and take action to fulfill these conditions the company - was requested in the ruling.
According to him, the Cabinet agreed to provide Naftohaz state guarantees on foreign obligations amounting to U.S. $ 2.0057 billion in the light of further change the company's commitments under loan agreements with foreign creditors on the obligations of securities.
In addition, the government approved a draft agreement on the appointment of the dealer-manager between the Cabinet of Ministers, Naftogaz and Credit Suisse Securities (Europe) Limited as a dealer-manager and other parties for the restructuring and has agreed to restructure the costs of NAC.
The press service of Naftohaz Interfax-Ukraine clarified that disclose the proposed terms of restructuring in the near future.
It was reported that NAC has already started negotiations to restructure foreign debt totaling $ 1.6 billion According to the Interfax-Ukraine , it is a Eurobond of $ 500 million bonds due Sept. 30, 2009, debts of Naftogaz of Ukraine Depha Bank of $ 220 million, Credit Suisse International (CSI) - to $ 550 million, and Deutsche Bank - to $ 395.2 million, a maturity of accounts for 2009-2012. Given the total amount of interest payments on them is about $ 1.78 billion, including this year - about $ 650 million in the next - about $ 570 million
One of the consultants Naftogaz Ukraine on the restructuring of external debt stands Cyprus-based Squire Capital. In addition, in late August, NAC said that as an international consultant on the restructuring of foreign debts, he drew the company HeadLand Consultancy, and in early September said that the advisor and dealer manager supports Credit Suisse.
At the same time, a group of holders of Eurobonds Naftogaz Ukraine for about $ 100 million, or 20% of the total production, is opposed to a possible restructuring of debt on them. The Panel stated that the NAC has already missed the time-frame for restructuring proposal under which he could avoid a default on Eurobonds, Sept. 30, and predicted that without the restructuring of state guarantees the obligations of Naftogaz is highly unlikely. To restructure the debt on eurobonds state holding is necessary to obtain approval of the owner of over 75% of the bonds.
NAK Naftogaz Ukraine unites the country's largest oil and gas companies. A monopoly on the transit and storage of natural gas in underground storage, as well as oil transportation pipelines on the territory of Ukraine.
state budget for 2009 contains an article on the provision of state guarantees for the obligations of Naftogaz Ukraine in external liabilities effected before 1 January 2009, amounting to U.S. $ 2.0057 billion in the event of failure by the obligations under the terms of these loans.
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