Aequo advised Naftogaz on exiting default and fulfilling its credit obligations towards Eurobond 2022/2026 investors

Aequo advised Joint Stock Company “National Joint Stock Company “Naftogaz of Ukraine”, the largest national oil and gas company in Ukraine, on the consent solicitation exercise in relation to its USD 335 mln and USD 500 mln notes. In the course of consent solicitation Naftogaz deferred maturity of the notes until 2025 and 2028 respectively and the payment of interest on the notes. The bondholders provided their consent for the deferral at their meeting on 28 July 2023, but the transaction was fully implemented in September 2023.

In light of the ongoing full-scale military invasion of russia in Ukraine, the deferral of principal and interest facilitates the performance by Naftogaz of its strategic objectives and priorities.

Aequo team provided comprehensive legal support to Naftogaz in all Ukrainian law matters, including assistance with the development of the consent solicitation terms, drafting and negotiating the transaction documentation and providing legal support in the course of obtaining regulatory approvals. English law matters were handled by Freshfields Bruckhaus Deringer as the English law counsel to Naftogaz.

 “Restructuring of the USD 335 mln and USD 500 mln Notes of Naftogaz follows the successful restructuring of the EUR 600 mln Notes completed in September 2022, which was also supported by Aequo and Freshfields. We are happy to have assisted Naftogaz in this landmark restructuring transaction in Europe that improved the financial standing of the client, unlocked new financing opportunities and helped regain trust of international investors in Ukraine”, comments Yulia Kyrpa, head of Finance of Aequo, who led the team in this transaction.

Клієнт: Naftogaz of Ukraine
Індустрія: Energy and Natural Resources
Практика: Banking and Finance, Tax and Customs, Insolvency and Restructuring, Capital Markets