Naftogaz says creditors have rejected its revised offer
April 10 (Reuters) - Ukraine's state-owned gas company Naftogaz on Monday said a group of investors had rejected its sweetened debt-restructuring offer, failing to bring the company out of a months-long default.
The rejection letter was sent on behalf of a group that consisted of more than 10 investors collectively holding well in excess of 50% of the company's 2022 Notes and nearly 20% of the 2026 Notes, Naftogaz said.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Naftogaz added that the creditors wanted the company to engage in substantive negotiations with them.
The company presented the sweetened offer last month. The main improvements included offering to pay 5% of its already-defaulted 2022 bond and an overdue 'coupon' payment, which together would add up to around $30 million.
It also offered to increase the interest rate on that bond's coupon to 7.65% from 7.375% and pay a 0.5% "consent fee" to holders of its 2026 bond if they, like 2022 bondholders, agreed to split up the payments of their debt into two separate lumps. (Reporting by Shubham Kalia in Bengaluru; Editing by Alison Williams and Jan Harvey)