11 Aug 2022 09:48

Ukravtodor, Ukrenergo Eurobond holders approve deferral of payments by two years

MOSCOW. Aug 11 (Interfax) - Investors in the Eurobonds of Ukrainian State Automobile Roads Agency (Ukravtodor) and power company Ukrenergo have agreed to their proposals to defer payment of interest and principal on the bonds by two years, the companies said in statements on the London Stock Exchange.

Both companies said that the proposed changes are expected to go into effect on August 11.

Ukravtodor raised $700 million at 6.25% in June 2021 with a debut issue of Eurobonds maturing in 2028 that was backed by state guarantees.

Ukravtodor's Eurobonds were trading at 15.9% of face value on Wednesday morning, while Ukrainian sovereign Eurobonds maturing the same year were trading at about 19.5%, data on the Frankfurt Stock Exchange website showed.

Ukrenergo raised $825 million at 6.875% last November with a debut issue of five-year "green" Eurobonds under government guarantees; interest on the bonds is paid semi-annually.