Group creditors national joint-stock company (NAK) Naftogaz Ukraine, after talks in London on Tuesday with representatives of NAC on the restructuring of the loan by $ 500 million maturing on September 30 this year, agreed to the terms of exchange of eurobonds, told Interfax-Ukraine partner of consulting firm Aequi-Libria (Luxembourg), Charles Philip Thomas, representing a group of creditors of Naftogaz.

After a frank discussion with Naftogaz of Ukraine in London on September 29, 2009 the Belize company Corlblow, representing the interests of investors, cease its opposition to the proposed restructuring and will vote in favor of it at a meeting of 19 October 2009 , - said Thomas .

According to a press statement after the talks, the text of which has an agency action team believes that the proposed Naftogaz restructuring conditions are not yet optimal for the holders, but realistically reflect the current financial situation in the company.

also noted in a statement carried on September 30 the payment of Naftogaz full semi-annual coupon on eurobonds demonstrates the willingness of companies to fulfill obligations to creditors, despite the difficult economic conditions.

During the open debate in London by representatives of NAC were able to convince a group of creditors that the company's position reflects economic realities. And although the group dissatisfied with the delay of payment, she understands the desire to Naftogaz to resolve the unpleasant situation with the bondholders by providing sovereign guarantees, - said in a statement.

According to him, Corlblow as a representative of the group decided to no longer oppose the restructuring of debt of Naftogaz Ukraine and announced plans at a meeting of 19 October (in the event of a quorum of 75%) vote for this proposal.

Reportedly, Naftogaz of Ukraine On September 24 proposed Eurobond holders to exchange them for new securities with a government guarantee and maturing in 2014. State Holding proposes to increase the coupon rate from the current 8.125% to 9.5% per annum. Thus, as suggested by the NAC, the holders who have agreed to restructure by October 8, will be able to exchange 100% of the debt, and the second phase of restructuring (15 October) the exchange will be carried out with a coefficient of 0,95.

Meeting

Eurobond holders will be held October 19, 2009 in London.

Naftogaz Ukraine on Sept. 30 has paid interest on Eurobonds for $ 500 million Taking into account the coupon rate of 8.125% per annum and the semi-annual coupon payment date payment was approximately $ 20.3 million

NAC also is negotiating a restructuring of foreign debt totaling $ 1.6 billion According to the Interfax-Ukraine , in addition to the Eurobond, it is a debt of Naftogaz Ukraine Depha Bank in the amount of $ 220 million, Credit Suisse International ( CSI) - to $ 550 million, and Deutsche Bank - to $ 395.2 million with 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

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