Aequo advised Joint Stock Company “National Joint Stock Company “Naftogaz of Ukraine”, the largest national oil and gas company of Ukraine, on the consent solicitation exercise in relation to its EUR 600 mln 7.125% Notes. In the course of the consent solicitation, Naftogaz deferred payment of interest on the Notes until 2024 and maturity of the Notes until 2026. The bondholders provided their consent for the deferral at their meeting on 31 August 2022.
In light of the ongoing full scale military invasion by the russian federation against Ukraine, the deferral of principal and interest will facilitate performance by Naftogaz of its strategic objectives and priorities: maintaining national energy security and ensuring efficient operation of the oil and gas infrastructure of Ukraine at appropriate levels to satisfy demands of consumers and the national economy for raw materials, fuel and energy resources.
Aequo team provided comprehensive legal support in all matters of Ukrainian law, including assistance with 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 an English law counsel to Naftogaz.
“We are honored to advise Naftogaz on this important transaction which will enable our client to perform its strategic priorities and objectives, as well as to prepare to the winter heating season as much as possible” comments Yulia Kyrpa.