\"Naftogaz Ukraine\" has made undeniable progress in the restructuring process its debt by $ 500 million issued in 2004 Eurobond
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Yesterday in London was a meeting of the holders of these securities, and the owners 93% agreed to allow repayment by installments of Ukrainian state debt at the holding his proposed terms: repayment in 2014, but with higher yield 8, 125 to 9%, 5% and government guarantees. Having reported on this news service NAC. "Accordingly, the meeting adopted an emergency ordinance. Settlement date for new bonds (which will be exchanged for outstanding Eurobonds. - "BUSINESS") is scheduled for Thursday, October 29, "- said in a press release "Naftogaz". The company had previously announced that the so-called early exchange (October 9) has agreed to about 92% of the bondholders, that is almost the same amount as yesterday voted for the restructuring. These bondholdery will be able to exchange old securities for new lossless - 1:1. Those the same one who sent the request for conversion after October 9, will lose 5% of the deposit amount. Now advisers "Naftogaz" to be the task of convincing of the need to restructuring of other creditors of the company - three banks (Depha Bank, Credit Suisse International and Deutsche Bank), which at one time provided Nacu loans totaling approximately $ 1 17 billion, experts say do it now consultants will be easy. "Of course, successful completion Eurobond debt restructuring will positively affect NAC on further negotiations - the director of consulting department company "the Concorde the Capital" Andrew Gerus. - Three banks now understand that of "Naftogaz" will not be withdrawn $ 500 million and will be optimistic on the company's future. " Optimistic and the company itself, "said NAC the progress in negotiations with investors on bilateral loans. Company satisfied with the constructive nature of the negotiations. " According to the analyst Phoenix Capital investment company of Maria Maiboroda likely informal agreement with the above banks already have. "Naftogaz Ukrainy" September 24 offered the holders of Eurobonds for $ 500 million to exchange their the new paper with a government guarantee and maturing in 2014. State Holding proposes to increase the coupon rate from the current 8 to 9 125%, 5% per annum. Investors filed an application for consent to the restructuring until October 8, could be exchanged 100% debt, then as they did in the period from 9 to 15 October will have the opportunity sharing only 95% of the debt. For approval to the restructuring needed owners to vote more than 75% of the bonds.
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