Yield on Naftogaz eurobonds will amount to 8.95%, expected volume $500 mln

Interfax-Ukraine

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The yield on dollar-denominated eurobonds of NJSC Naftogaz Ukrainy is set at 8.95%, a source in banking circles has told Interfax.

The company plans to place a new eurobond issue on October 19 with maturity in February 2027. The expected volume of the placement is $ 500 million. Citi is the sole arranger of the deal.

The initial target of the issue's yield was 9-9.25%.

At the same time, the company offered to the holders of eurobonds in dollars maturing in 2022 and in euros maturing in 2024 a repurchase at a price of $1,028.75 and EUR 982.5 for $1,000 and EUR1,000 of par value respectively(taking into account the premium for early agreement). The maximum volume of redemption for both issues is the equivalent of $335 million. The early deadline for submitting securities for redemption expires on October 27, the offer is valid until November 10. Now the securities in dollars for $335 million and in euros for EUR 600 million are in circulation. The priority in accepting applications for redemption is for dollar-denominated eurobonds.

The redemption of outstanding and the placement of new eurobonds will allow the company to increase the duration of its debt portfolio, Naftogaz noted earlier.

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